AMP Asset Management to sell Orion Property

Wednesday, 13 October 1999, 5:16 pm
Press Release: Mediacom press release distribution

New Zealand's largest property investment manager AMP Asset Management (AMPAM) today put its multi-million dollar Orion property portfolio on the market.

The Orion Portfolio consists of 18 properties located mainly in Auckland and Wellington. It has diversified profile with exposure to commercial (59%), retail (13%) and industrial (28%) property.

"We're delighted to go to the market with a portfolio of this quality and depth," said James Darkins, AMPAM head of property.

"The 18 properties are diversified by type and location, have a weighted average lease term of nearly five years and possess strong tenant covenants. This makes the Orion portfolio attractive to both existing property investment companies wanting to add some serious scale to their investments, or to new entrants wanting an instant quality property portfolio."

The geographic spread of the 18 properties is Auckland 41%, Wellington 46%, Christchurch 7% and regional 6%. The average weighted lease term is 4.75 years.

"Our market research has indicated that there is strong demand for a portfolio like this. Typically it would take an investor several years to put together a well-rounded property portfolio in what can be a complex and intensive process.

"We are taking the portfolio directly to targeted investors. Expressions of interest need to be registered with AMPAM by 22 October 1999. This will be followed by a one month due diligence period."

AMP Asset Management is New Zealand's largest property investment company, managing a total property portfolio of $1.4 billion, including the AMP NZ Office Trust, Property For Industry and the AMP Property Fund.

ENDS....

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