Pastoral House Sold

Pastoral House Sold

Pastoral House, for many years the Wellington head office for the New Zealand Dairy Board, has been bought by AMP NZ Office Trust.

The building was owned by the Pastoral House Partnership, a partnership between the New Zealand Dairy Board (now part of Fonterra) and the Bank of New Zealand. The two partners' share of the sale proceeds remains confidential, as do the terms of the sale itself.

Fonterra Chief Executive Officer Andrew Ferrier said the sale represents one of the final stages of the integration into Fonterra of its ingredients business, formerly a stand-alone unit. As previously announced, most of Fonterra's Wellington-based roles have been relocated - or are in the process of being relocated - to Hamilton, Palmerston North and Auckland. In addition, eight administrative and corporate offices in Auckland, as well as the ingredients and NZ Milk personnel from Wellington, are being consolidated into one central location in Auckland City, with the shift due to be completed in May of next year.

"The sale of Pastoral House is part of a wider process that makes sound economic and commercial sense. It is all about efficiency and improving productivity," said Mr Ferrier.

"The centralisation of our business will also help in developing a stronger Fonterra culture."

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