Public Sector Pension Investment Board, Montreal, purchased the AMP Property Portfolio, a portfolio of New Zealand real estate valued at more than NZ$1 billion (US$880 million), manager AMP Capital announced Thursday.
In a separate announcement from the NZ$26 billion New Zealand Superannuation Fund, Auckland, which had a roughly 30% stake in the portfolio, Matt Whineray, chief investment officer, said the sale “was timed to take advantage of favorable market conditions.”
Information on the other investors in the portfolio could not be learned by press time.
Catherine Woods, a spokeswoman for AMP Capital, said her firm will continue to manage the portfolio for the PSP Investment Board.
The investment represents more than 1% of PSP's C$76.1 billion (US$71.3 billion) in assets.
Mark Boutet, a spokesman for PSP Investment Board, couldn't be reached immediately for comment.
