NEW ZEALAND: The New Zealand Superannuation Fund has appointed AMP Capital Investors (NZ) to manage a New Zealand unlisted property mandate, via the AMP Property Portfolio (APP).
The fund will initially invest NZ$78m (US$54m) in the APP, a nation-wide diversified portfolio of 28 commercial, office, industrial, retail, hotel, and development properties. Valued at more than NZ$565m, 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 has commercial property interests totaling around NZ$1.6bn in New Zealand.
The value of the New Zealand Superannuation Fund as at 31 May 2005 was NZ$6.4bn.
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