AMP Diversified Property Trust and Stockland

New Zealand outcomes of AMP Diversified Property Trust and Stockland announcements to ASX this morning

The information below is provided as a footnote to the announcements made to the ASX this morning on the proposed unconditional offer by Stockland for AMP Diversified Property Trust (ADP):

Since late last year, ADP has owned a 50 percent interest in three New Zealand retail properties ­ Botany Town Centre, Manukau Supa Centa and Lynnmall Shopping Centre. The other 50 percent of the three properties is held by New Zealand¹s AMP Property Portfolio, one of New Zealand¹s largest property investors.

It is proposed that Stockland will enter into a joint venture agreement with the AMP Property Portfolio to jointly own and manage these properties.

The AMP Property Portfolio is an unlisted, wholesale fund with a diversified portfolio of 24 properties valued at more than $482 million. AMP Property Portfolio¹s 50 percent share of the three retail properties makes up about $188 million of that total.

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