$1 billion worth of NZ property sold

TOM PULLAR-STRECKER
Last updated 13:07 10/07/2014

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The country's largest private property fund is selling all the $1 billion-worth of New Zealand property in its portfolio to Canada's public sector pension fund.

AMP Capital Property Portfolio (APP), a unit trust set up in 2008 and open only to institutional investors, announced the sale today, saying it demonstrated "the current confidence in New Zealand's economy and property market".

The 18 properties changing hands include Botany Town Centre in Auckland, the 13-storey PricewaterhouseCoopers Tower in Wellington and its Capital on the Quay mall, also in the Capital.

The sale is subject to the approval of the Overseas Investment Office and would enable APP's investors to realise their investment, the trust said.

APP general manager Stephen Costley said AMP Capital would continue to provide management services for the properties.

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