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.