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


AMP Capital to sell 18 NZ properties worth more than $1B

AMP Capital to sell 18 NZ properties worth more than $1B to Canadian institutional investor

By Tina Morrison

July 10 (BusinessDesk) - AMP Capital Investors has agreed to sell 18 New Zealand properties worth more than $1 billion to Canada's Public Sector Pension Investment Board.

The sale, which is subject to Overseas Investment Office approval, "highlights the strength of the New Zealand economy and its status as an attractive investment destination," AMP Capital Property Portfolio general manager Stephen Costley said in a statement. AMP Capital will continue to provide management services for the portfolio, which includes commercial office, industrial, retail and development properties across New Zealand.

The properties include large retail assets such as the 60,000-square metre Botany Town Centre and the 40,000-square metre Manukau Supa Centre as well as the 13-level PricewaterhouseCoopers Tower and adjoining 12,600-square metre Capital on the Quay retail facility in Wellington.

The sale allows AMP Capital Property Portfolio investors to realise their long-term investment in the portfolio, the investment manager said.

Macquarie Capital and PwC assisted the vendors in the sale.


© Scoop Media

Business Headlines | Sci-Tech Headlines


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news