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AMP Diversified Property Trust and Stockland
New Zealand outcomes of AMP Diversified Property Trust and Stockland announcements to ASX this morning
The information below is provided as a footnote to the announcements made to the ASX this morning on the proposed unconditional offer by Stockland for AMP Diversified Property Trust (ADP):
Since late last year, ADP has owned a 50 percent interest in three New Zealand retail properties Botany Town Centre, Manukau Supa Centa and Lynnmall Shopping Centre. The other 50 percent of the three properties is held by New Zealand¹s AMP Property Portfolio, one of New Zealand¹s largest property investors.
It is proposed that Stockland will enter into a joint venture agreement with the AMP Property Portfolio to jointly own and manage these properties.
The AMP Property Portfolio is an
unlisted, wholesale fund with a diversified portfolio of 24
properties valued at more than $482 million. AMP Property
Portfolio¹s 50 percent share of the three retail properties
makes up about $188 million of that total.
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