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.
- © Fairfax NZ News