NZ Super Fund confirms sale of property portfolio
POSTED ON: 10 July 2014
The New Zealand Superannuation Fund confirmed today that it will realise its 29.69% stake in the AMP Property Portfolio (APP) as a result of the portfolio being sold to the Public Sector Pension Investment Board (“PSP Investments”), a Canadian institutional investor.
The deal is conditional on approval from New Zealand’s Overseas Investment Office.
APP, an unlisted New Zealand property portfolio for institutional investors, is managed by AMP Capital.
Matt Whineray, Chief Investment Officer for the Guardians of New Zealand Superannuation, said the sale was timed to take advantage of favourable 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.”
“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.”
The NZ Super Fund has more than $3.5 billion invested in New Zealand, including more than $1 billion in the local share market. The Fund’s domestic investments include significant holdings in Kaingaroa Timberlands, Z Energy, Metlifecare, Datacom and a NZ$150m portfolio of rural farmland investments.
AMP's media release is available here.
The $26 billion New Zealand Superannuation Fund invests globally in order to help pre-fund New Zealanders’ future retirement entitlements. The Fund is managed by a Crown entity, the Guardians of New Zealand Superannuation. Since inception in September 2003 the Fund has returned 9.74% p.a. after costs and before tax.
Media contact: Catherine Etheredge. Head of Communications, NZ Super Fund, T +64 9 366 4905, M + 64 274 777 501, E [email protected]
Catherine Woods, AMP, T + 61 2 9257 5615, M + 61 477 320 333, E [email protected]