AMP NZ Office Trust has sold the Parkroyal Hotel in Wellington for $55.6 million so it can focus on the office sector.
"Despite providing healthy cash flows, a recent strategic review of the trust's assets determined that the hotel no longer represented a core asset," the trust's executive manager Robert Lang says.
"The sale now provides investors with a 100% pure exposure to New Zealand's best office properties," he says.
The sale also means the trust as additional funds to invest in projects more aligned with its investment mandate.
The building was sold to the hotel's current manager Bass Hotels and Resorts which owns more than 3000 hotels in more than 100 countries.
Super Assault
The Government is planning to layout its plans for superannuation on Tuesday. For all the latest news on this major development stay tuned to Good Returns and its dedicated superannuation website SuperTalk (www.supertalk.co.nz)
Judging by SuperTalk's latest poll the Big Cullen Fund isn't hugely popular. The poll asks: "Which Type of Superannuation Scheme is best for New Zealand?"
The status quo has won 54% of the vote. Thirty seven percent of voters went for a system similar to the compulsory one in Australia, and just 9% of people opted for the Big Cullen Fund.
Also, in SuperTalk National's finance spokesman Bill English reckons if Michael Cullen wants to get support for his pre-funded superannuation scheme he should ask an independent expert panel to assess whether it will work. Click here for full story.
Trusts and Estate Planning Page
Trusts and estate planning are already a big business in New Zealand and from all accounts it's an area that will continue to grow. It's also an area where people, including advisers and investors want more information.
As a result of this thirst for information Good Returns, in conjunction with Tower Trust, is pleased to introduce a new page dedicated to this Trusts and Estate Planning page. This page is designed to provide you with all the latest news, plus commentary, on developments in the trust and estate planning area.
TAM restructure
Tower Asset Management has restructured its functions and moved its New Zealand strategy and currency decision making to Sydney.
Managing director Paul Bevin says three teams, investment, business development and account management, and portfolio services have been developed to capture the benefits of combined team resources more effectively.
Visit the people page to see who's got which jobs.
More broking action
Macquarie New Zealand, a subsidiary of ASX-listed Macquarie Bank, is to apply for membership of the New Zealand Stock Exchange. Macquarie said the move was decided on before the announcement of a possible merger of trans-Tasman exchanges but a New Zealand operation could be tailored to the requirements of the merged market.
| « More rescue plans greet Ballantyne bondholders | Get your tax questions answered online » |
Special Offers
© Copyright 1997-2024 Tarawera Publishing Ltd. All Rights Reserved