AMP Capital to sell 18 NZ properties worth more than $1B to Canadian institutional investor
By Tina Morrison
July 10 (BusinessDesk) - AMP Capital Investors has agreed to sell 18 New Zealand properties worth more than $1 billion
to Canada's Public Sector Pension Investment Board.
The sale, which is subject to Overseas Investment Office approval, "highlights the strength of the New Zealand economy
and its status as an attractive investment destination," AMP Capital Property Portfolio general manager Stephen Costley
said in a statement. AMP Capital will continue to provide management services for the portfolio, which includes
commercial office, industrial, retail and development properties across New Zealand.
The properties include large retail assets such as the 60,000-square metre Botany Town Centre and the 40,000-square
metre Manukau Supa Centre as well as the 13-level PricewaterhouseCoopers Tower and adjoining 12,600-square metre Capital
on the Quay retail facility in Wellington.
The sale allows AMP Capital Property Portfolio investors to realise their long-term investment in the portfolio, the
investment manager said.
Macquarie Capital and PwC assisted the vendors in the sale.
(BusinessDesk)