Wellington CBD building included in $1billion property sale to Canadians

BusinessDesk report by Tina Morrison
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 properties include the 13-level PricewaterhouseCoopers Tower and adjoining 12,600-square metre Capital on the Quay retail facility in Wellington.

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 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.

 

2 comments:

  1. pax, 11. July 2014, 10:59

    The sale of assets to overseas entities highlights the weakness of the New Zealand economy, not its strength. A strong economy would be increasing its equity.

     
  2. Ellie, 12. July 2014, 13:18

    The super rich view themselves as ‘global’ and will go where it is financially beneficial.
    The other classes are left to cope as best the can with an economy that only has some action because of a disastrous earthquake.

     

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