WELLINGTON, July 10 New Zealand's biggest
unlisted property investment trust said on Thursday it had sold
a portfolio of 18 commercial and office buildings to Canada's
Public Sector Pension Investment Board for more than NZ$1.0
billion ($881.7 million).
Among the properties being sold are two large retail centres
in the biggest city Auckland, and a central city office block
and shops in the capital Wellington.
The AMP Capital Property Portfolio (APP), part of the AMP
Capital Investors funds management group, said the sale, which
requires regulatory approval, reflected confidence in New
Zealand's economy and property market.
"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," said APP Chief
Executive Stephen Costley in a statement.
AMP Capital will provide management services for the
($1 = 1.1342 New Zealand Dollars)
(Reporting by Gyles Beckford; Editing by Gopakumar Warrier)