The portfolio, which is managed by AMP Capital, was formerly jointly owned by two AMP Capital entities and the New Zealand Superannuation Fund.
The 18 properties in the portfolio are commercial office, industrial, retail and development properties and are diversified by sector, tenant type and geographical spread across New Zealand.
It includes properties such as the Manukau Supa Centre in Auckland as well as the 13-level office building PriceWaterhouseCoopers (PwC) Tower with adjoining retail facility on the Quay in Wellington.
AMP Capital said it will continue to provide management services for the portfolio.
The deal, which is subject to Overseas Investment Office approval, will enable existing investors in the portfolio to realise their long-term investment in it.
AMP Capital Property Portfolio general manager Stephen Costley said it is a great result for all parties involved in the transaction.
“The vendors have realised their strategy to sell at a price that delivers value for investors and the purchaser is acquiring a quality, diversified property portfolio,” said Mr Costley.
“AMP Capital retains its management of these assets and the transaction highlights the strength of the New Zealand economy and its status as an attractive investment destination.”
