Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


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."

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news