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.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.