July 10, 2014 / 4:36 AM / 3 years ago

AMP investment fund sells NZ$1 billion property portfolio

WELLINGTON (Reuters) - 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 centers 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 realized 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 properties. ($1 = 1.1342 New Zealand Dollars)

Reporting by Gyles Beckford; Editing by Gopakumar Warrier

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