Super Fund sells down Auckland Airport stake

Last updated 09:18 15/02/2013
AIA 6.335 -0.01 -0.08%
AIA

Click for a detailed chart

Relevant offers

Industries

New Zealand riding on Asia-Pacific 'juggernaut' AUT researcher Kathryn Owler on finding job happiness Hotels spend on luxuries as tourism booms Bitterness at hit dairy Lewis Road Nelson's surging economy boosted by tourism, housing, horticulture 40,000 eftpos terminals to be upgraded or replaced Port Nelson facing increased post-quake workload Auckland Airport expecting a busy summer Inland Revenue legal boss 'not qualified' to make call on trust in tax system Housing costs lead rise in household spending

The New Zealand Superannuation Fund has sold a $277 million stake in Auckland International Airport overnight in a block sale to institutional investors.

The transaction, at a discount to yesterday's closing price of $2.94, cuts the fund's airport shareholding from 10 per cent to 2 per cent.

The Super Fund's general manager of investments Matt Whineray said the sale was not a reflection on the airport business. "AIA is a well-managed, quality company and has contributed positively to Fund performance," he said.

"In conjunction with our investment manager Morrison & Co, we have taken the opportunity presented by the current strong New Zealand sharemarket and good demand for the shares to reduce our large overweight position in AIA." Whineray said it was important to keep the fund's New Zealand investments of more than $3 billion diversified and hard-working.

The fund recently bought a 35 per cent stake in privately-held technology services company, Datacom. It also recently agreed to increase its shareholding in Kaingaroa Forest.

Ad Feedback

- BusinessDay.co.nz

Special offers

Featured Promotions

Sponsored Content