Sale 'underlines confidence' in market

The sale is subject to Overseas Investment Office approval.

The properties include the Botany Town Centre, Manukau Supa Centre and the PricewaterhouseCoopers Tower in Wellington.

AMP Capital Property Portfolio General Manager Stephen Costley said: “This is a great result for all parties involved in the transaction.  The vendors have realised their strategy to sell at a price that delivers value for investors, the purchaser is acquiring a quality, diversified property portfolio, AMP Capital retains its management of these assets and the transaction highlights the strength of the New Zealand economy and its status as an attractive investment destination.”

He said it reinforced the confidence in New Zealand’s economy and property market.

The New Zealand Super Fund had a 29.69% stage in the AMP Property Portfolio.

Chief investment officer Matt Whineray said the sale was timed to take advantage of market conditions.

“As a long-term investor, the NZ Super Fund has a greater ability than many investors to choose when to realise its investments. The opportunity to sell the portfolio to a single buyer was an attractive one,” he said.

“We are always looking to optimise the mix of investments in the Fund with a view to maximising long-term returns. The sale proceeds will be invested in predominantly growth-oriented domestic and international investment opportunities.”