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AMP Diversified Property Trust

AMP Diversified Property Trust applies for EIRA exemption

The Commerce Commission has received an application from the AMP Diversified Property Trust (ADP), certain subsidiaries of AMP Limited and other persons involved with ADP’s property investment activities, for an exemption under the Electricity Industry Reform Act 1998 (EIRA) in relation to ownership separation provisions.

ADP’s application relates to its acquisition from AMP NZ Property Retail Limited of a one half share in the freehold of three shopping centres – the LynnMall Centre, Botany Town Centre and Manukau Supa Centa – and specifically to its supply of electricity to tenants in these centres.

ADP wishes to obtain an exemption from the application of sections 17, 18 and 30 of the EIR Act in relation to current and potential property investment and management activities, similar to that granted to AMP Asset Management New Zealand Limited and certain other entities forming part of the AMP Group in 1999.

The purpose of the EIR Act is to reform the electricity industry to better ensure that costs and prices in the electricity industry are subject to sustained downward pressure and the benefits of efficient electricity pricing flow through to all classes of consumers, by effectively separating electricity distribution from generation and retail and promoting effective competition in electricity generation and retail markets.

The Commission may grant an exemption in respect of a business or involvement or interest, only where doing so: would not result in certain involvements in electricity lines businesses and electricity supply businesses which may create incentives or opportunities: to inhibit competition in the electricity industry; or to cross-subsidise generation activities from electricity lines businesses; and would not result in relationships between electricity lines businesses and electricity supply businesses which are not at arms length.

For further information on the Commission’s role within the EIR Act, visit the Commission’s website, http://www.comcom.govt.nz/acts/eiract/.

A public version of the application can be downloaded from http://www.comcom.govt.nz/adjudication/s81.cfm.

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