AMP Capital Investors Ltd. sold properties in New Zealand worth more than NZ$1 billion ($882 million) to a Canadian pension fund.
The AMP Capital Property Portfolio, an unlisted fund managed by the Sydney-based company, sold 18 assets to Canada’s Public Sector Pension Investment Board, it said in an e-mailed statement. AMP Capital will continue to manage the properties, according to the statement.
“The vendors have realized their strategy to sell at a price that delivers value for investors,” Stephen Costley, manager of the AMP fund, said in the statement. “The transaction highlights the strength of the New Zealand economy and its status as an attractive investment destination.”
A building boom in New Zealand and surging dairy exports to China helped the economy grow 1 percent in the first three months of this year from the previous quarter, when it also rose a revised 1 percent. Construction jumped 12.5 percent from the last three months of 2013, the most in 14 years.
The assets sold include office, industrial, retail and development properties across the country, AMP Capital said in the statement. The deal is subject to approval by the Overseas Investment Office, it said.
Macquarie Capital Group Ltd. and PricewaterhouseCoopers LLP advised AMP Capital, according to the statement.