The Fund will initially invest $78 million in the APP, a nation-wide diversified portfolio of 28 commercial, office, industrial, retail, hotel, and development properties. Valued at more than $565 million, the APP includes interests in the Botany Town Centre, LynnMall Shopping Centre, Manukau Supa Centre, and the PWC Tower/Capital on the Quay.
The New Zealand Superannuation Fund's current target exposure to global property is 7%, with 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 is New Zealand's largest property investment company, with commercial property interests totaling around $1.6 billion. Their appointment brings the total number of external investment managers to 21. The value of the New Zealand Superannuation Fund as at 31 May 2005 was $6.4 billion.
This is a media release from New Zealand Superannuation Fund
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