Kiwi Income Property Trust is buying the Lynn Mall shopping centre in Auckland for $174 million.
The mall, has more than 100 shops and is currently owned by AMP Capital Property.
Tenants include the Farmers department store, Countdown supermarket, JB Hi-Fi, Number 1 Shoes, Noel Leeming and Postie Plus.
Kiwi Income Property Trust owns five other shopping malls, including Sylvia Park in Auckland and Northlands shopping centre in Christchurch.
The sale is subject to Overseas Investment Office approval because the trust's manager, Colonial First State Global Asset Management, is Australian-owned.