$1 billion worth of NZ property sold

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

Relevant offers

Industries

Bathroomware company Spazio Casa facing liquidation application Countdown supermarket celebrates 20 years of online shopping Health Ministry restructures as it prepares to revive flagship IT scheme Valley Girl, Temt now in receivership Shoppers descend on David Jones store in Wellington Opening day deals for shoppers at new David Jones store in Wellington ANZ Bank wins in Australian High Court bank fee case First look at David Jones department store in Wellington Valleygirl and Temt administrators search for supplier solutions Check out the world first 'un-meltable' ice cream

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.

Ad Feedback

- Stuff

Special offers

Featured Promotions

Sponsored Content