MEDIACOM-RELEASE-AMPAM

AMP Asset Management (AMPAM) confirmed today its strong interest in building Auckland's top office building on the waterfront, but said there was still work to do before it could commit to the project.

"We've been looking closely at the premium end of New Zealand's commercial property environment and strongly believe that the flight to quality apparent in the market makes it the right time to plan a construction of this type," said AMPAM's acting head of property, Anthony Beverley.

"As we advised at the AGM of the AMP NZ Office Trust last September, we are considering the construction of a premium quality office building on the 188 Quay Street site currently owned by the AMP Property Fund."

"Since October last year we have been working with the affected tenants, helping smooth their exit from our buildings and constructing a new pedestrian walkway. While this was a necessary precondition to the construction going ahead, there are still a number of other factors that need to be finalised, before we can commit to construction. These factors include finding suitable contractors, final feasibility results and completing the pre- leasing process."

"Because the AMP NZ Office Trust is publicly listed , any decision to commit to the project must be formally approved, then disclosed to the NZSE before any public announcement is made."

Ends.

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