$790M REDEVELOPMENT FOR WESTFIELD NEWMARKET

Scentre Group has announced today that the 277 Westfield in Newmarket will be treated to a $790 million upgrade including premium department store David Jones. Incorporating multiple sites over four and half hectares, the site will be home to the new format of Farmers, Countdown, David Jones and more than 230 new retailers.

"We're incredibly excited to be embarking on the transformation of Westfield Newmarket in collaboration with our joint venture partner, GIC," said Scentre Group COO Greg Miles. "On completion, Westfield Newmarket will represent a premium fashion, food, technology, lifestyle and entertainment experience unrivalled in New Zealand. Westfield Newmarket will become the flagship living centre for the Group's New Zealand portfolio and set a new benchmark in extraordinary retail and lifestyle destinations."

David Jones' CEO David Thomas added that they know New Zealanders are well-travelled and fashion savvy with an appetite for international brands and world-class shopping experiences. "We are focussed on exceeding these expectations when we open our first Auckland store as part of the exciting new Westfield Newmarket redevelopment," Thomas said. "Our store will combine the best of New Zealand and international brands curated specifically for the discerning local market with our range of premium in-store services, delivering an unparalleled experience to the region."

The total site will have a gross lettable area of 88,150 square metres and is due for completion in the fourth quarter of 2019.