Super Fund sells down Auckland Airport stake

Last updated 09:18 15/02/2013
AIA 6.805 0.05 0.67%
AIA

Click for a detailed chart

Relevant offers

National business

Markets 'cautious' but US stocks climb after US President Donald Trump's inauguration NZ's waning sheep flock: Has our pastoral identity finally jumped the fence? Pooches at the pub: Hamilton's The Keg Room offers a specially-prepared menu for dogs 1MBD scandal: Judge allows Malaysian businessman tussling for $370m in seized assets to take control of NZ trusts BNZ internet banking outage: Customers unable to bank online Immigrant backgrounds help shape property investment choices Earthquake resilience, transport and housing top Wellington's 2017 agenda Palmerston North software developer's holographic exhibitions to bring art out of the vaults Rise in bad behaviour in Nelson CBD worries retailers Z Energy to help get curious drivers behind the wheel of an EV

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