AMP Capital Investors Appointed to Manage Unlisted Property Mandate (29 June)
POSTED ON: 29 June 2005
The New Zealand Superannuation Fund today announced that AMP Capital Investors (NZ) Limited has been appointed to manage a New Zealand unlisted property mandate, via the AMP Property Portfolio (APP).
The Fund will initially invest $78 million in the APP, a nation-wide diversified portfolio of 28 commercial, office, industrial, retail, hotel, and development properties. Valued at more than $565 million, the APP includes interests in the Botany Town Centre, LynnMall Shopping Centre, Manukau Supa Centre, and the PWC Tower/Capital on the Quay (both in Wellington).
The New Zealand Superannuation Fund's current target exposure to property is 7%, including an allocation of up to 2% to New Zealand unlisted property. Earlier this year the Fund appointed Vanguard Investments Australia Ltd to a global listed property securities mandate.
AMP Capital Investors is New Zealand's largest property investment company, with commercial property interests totaling around $1.6 billion. Their appointment brings the total number of external investment managers to 21. The value of the New Zealand Superannuation Fund as at 31 May 2005 was $6.4 billion.
For more information please contact:
Paul Costello, CEO, New Zealand Superannuation Fund, 09 300 6980 Sarah Loutit, Media Relations, New Zealand Superannuation Fund, 021 500 134
Stephen Costley, General Manager, AMP Property Portfolio, 09 307 8317