AMP Capital sells $1b of buildings offshore

2:33 PM Thursday July 10, 2014 Business Desk

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 fund is New Zealand's largest unlisted property fund

Properties sold include large retail assets such as the 60,000-square metre Botany Town Centre and the 40,000-square metre Manukau Supa Centa 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.

-Business Desk