AMP adds another investor to it’s New Zealand portfolio.

AMP Capital has welcomed another North American pension fund investor, Canada Pension Plan Investment Board (CPPIB), as a 50 per cent investor into its NZ$1.1 billion New Zealand property portfolio.

CPPIB is partnering with current owner, Canadian pension investment manager Public Sector Pension Investment Board (PSP Investments), in the 13-asset portfolio that spans the commercial office and retail sectors in New Zealand.

The deal underlines institutional investor confidence in the New Zealand economy and property market and positions AMP Capital to take advantage of growth opportunities both within the existing portfolio as well as through acquisitions.

AMP Capital Head of Real Estate Funds Management Chris Judd said: “We are pleased to welcome another leading global investor into our diversified property portfolio. This is CPPIB’s first investment into New Zealand, taking the opportunity to invest in a quality diversified property portfolio that is well placed to continue to benefit from strong New Zealand economic fundamentals. Investors continue to be attracted to the stability of the domestic property market, which is supported by a range of government and private capital initiatives along with strong population growth.

“By introducing another investor into the portfolio, our current investor, PSP Investments, has a strong and likeminded partner. With both investors’ support, we can look forward to further improving investment returns as the portfolio participates in redevelopment and further acquisitions in the office and retail sectors in the near future.”

The New Zealand property portfolio is well diversified by sector, tenant type and geographical spread across the country and includes large retail assets such as Botany Town Centre (60,000sqm) and Manukau Supa Centre (40,000sqm) in Auckland as well as the 13-level office building St Pauls Square (13860sqm) in Wellington, currently undertaking a $38m refurbishment with a new 15-year lease to the New Zealand Government commencing on completion.

The deal is subject to Overseas Investment Office approval. Macquarie Capital assisted the vendors in the transaction.

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The fund had a ten-year fixed term and at its peak owned 42 properties throughout Australia. In consultation with investors, the properties have been progressively sold and capital returned in an orderly process during the last few years.

AMP Capital Head of Property Funds Management Chris Judd said: “We are pleased to complete PIF’s final transaction and that the fund was able to capitalise on the strong market appetite for quality service centres in good locations.

“This sale marks a significant achievement that has seen the fund deliver what it set out to deliver to investors – providing steady income with capital growth over the investment period.

“Investors have benefited from a consistent and disciplined acquisition strategy, strong asset management and prudent divestment of assets that has delivered a total return in excess of 9 per cent per annum.”

Located on a 5.87 hectare site in southern New South Wales, the Yass Highway Service Centre is a fully leased service facility, which includes a Caltex service station. Additional blue chip tenants include McDonalds and KFC. The property was purchased by an entity managed by Australian property syndicator Fawkner Property Group. The sale was handled by Chris Johnson of MMJ Real Estate and James Wilson of Colliers International.

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Ms O’Connor will be  responsible for delivering the strategy, growth and investment performance of  the A$4.2 billion fund.

Reporting to AMP Capital Head  of Property Funds Management Chris Judd, Ms O’Connor replaces incumbent Fund  Manager Louise Joslin, who is retiring from executive roles.  Ms O’Connor will commence her new role in  mid-2015.

Mr Judd said he was delighted  to welcome such a high-calibre property professional to the AMP Capital  Property business, which is experiencing significant growth and momentum.

“Kylie brings very strong  credentials to the role gained from more than 16 years in the property  industry, with extensive experience spanning a range of real estate investment  management disciplines,”he said.

“Our team’s capability will  be complemented by Kylie’s diverse skillset as we continue to provide investors  with compelling investment opportunities and consistent investment returns over  the long term.

“ADPF has benefited from  strong investor support following the recent oversubscribed capital  raising.  The fund is well positioned to  capitalise on existing development opportunities within the portfolio as well  as strategic acquisitions.”

Ms O’Connor has worked for  Lend Lease for the past 14 years, most recently as Fund Manager for several  funds, and has broad experience across a variety of property fund disciplines.

One of the largest, unlisted  property funds in the country, ADPF has total assets of more than $4.2 billion  and currently comprises investment in 18 high-quality assets across the  Australian office, retail and industrial property sectors.  This includes the newly-developed Macquarie  Centre in Sydney; Pacific Fair on Queensland’s Gold Coast, which is currently  undergoing significant re-development; and potential developments at Garden  City Booragoon in Western Australia and Quay Quarter Sydney.

– See more at: http://media.amp.com.au/phoenix.zhtml?c=219073&p=irol-newsArticle&ID=2032932#sthash.etFq3xFV.dpuf

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Previously under the management of AXA Australia, AMP Capital will implement a new strategy for the Wholesale Australian Property Fund which has assets worth $760 million.

AMP Capital Head of Property Funds Management Chris Judd said the fund has a strong track record over 27 years, delivering an average return of 9.25 per cent and he was looking forward to managing the next phase.

“We are excited we are in a position to re-open the fund,” Mr Judd said.

“Property fundamentals remain steady and as we have seen before, direct property as an asset class performs well during uncertain economic times.”

Mr Judd said AMP Capital has agreed a planned asset sales programme to increase liquidity in the fund.

He said the fund’s philosophy will remain the same: “the fund will retain a strong income focus and low risk orientation. It will continue to invest in quality direct property assets and, as always diversification remains a key component.”

“We expect the fund will continue as an open ended fund with the aim of delivering reliable income and long term capital growth to investors,” he said.

The Wholesale Australian Property Fund continues to meet its objectives, which are to provide unit holders with access to a regular, stable income stream together with long term capital growth, demonstrating the quality and strength of the direct property portfolio.

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