Super Fund sells down Auckland Airport stake

Last updated 09:18 15/02/2013
AIA 4.890 -0.11 -2.20%

Click for a detailed chart

Relevant offers

National business

Jetstar's foray into Cook Island route positive for regions, economist says Samsung, Ikea, Coca-Cola, NAB and Kleenex head list of Choice Shonky Award winners for 2015 Air New Zealand boss says lessons learned, but disrupted flights 'inevitable' Recruitment industry at record level in Christchurch Renting continues to outstrip home ownership growth Trade agreement disappoints dairy sector Multimillion dollar land sales as builder hits trouble Marlborough to benefit from TPP - Joyce US department store Neiman Marcus publishes luxury Christmas gift catalogue Taylor Preston fined $72,500 after worker's fingers trapped

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


Special offers

Featured Promotions

Sponsored Content