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

 

Fund Announces Unlisted Property Mandate

29 June 2005

New Zealand Superannuation Fund Announces Unlisted Property Mandate

The New Zealand Superannuation Fund today announced that AMP Capital Investors (NZ) Limited has been appointed to manage a New Zealand unlisted property mandate, via the AMP Property Portfolio (APP).

The Fund will initially invest $78 million in the APP, a nation-wide diversified portfolio of 28 commercial, office, industrial, retail, hotel, and development properties. Valued at more than $565 million, the APP includes interests in the Botany Town Centre, LynnMall Shopping Centre, Manukau Supa Centre, and the PWC Tower/Capital on the Quay.

The New Zealand Superannuation Fund's current target exposure to global property is 7%, with an allocation of up to 2% to New Zealand unlisted property. Earlier this year the Fund appointed Vanguard Investments Australia Ltd to a global listed property securities mandate.

AMP Capital Investors is New Zealand's largest property investment company, with commercial property interests totaling around $1.6 billion. Their appointment brings the total number of external investment managers to 21. The value of the New Zealand Superannuation Fund as at 31 May 2005 was $6.4 billion.

ENDS


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Voluntary Administration: Renaissance Brewing Up For Sale

Renaissance Brewing, the first local company to raise capital through equity crowdfunding, is up for sale after cash flow woes and product management issues led to the appointment of voluntary administrators. More>>

Elsewhere:

Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:

Media Mega Merger: Full Steam Ahead For Appeal

New Zealand's two largest news publishers have confirmed they are committed to pursuing their appeal against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>