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CPPIB to buy NZ$580M stake in office, retail portfolio in New Zealand

The Canada Pension Plan Investment Board plans to buy a NZ$580 million, 50% stake in a portfolio of 13 prime office and retail assets in Auckland and Wellington, New Zealand.

The fund signed a deal with Public Sector Pension Investment Board for the acquisition. The interest comes with a NZ$230 million equity investment, subject to customary closing adjustments, according to a news release.

The office properties and shopping centers in the portfolio offer approximately 268,000 square meters of space.

Public Sector Pension will continue to own the half stake in the portfolio, which will still be managed by AMP Capital. Canada Pension Plan expects to close the transaction following customary closing conditions and regulatory approvals.

As of Dec. 12, US$1 was equivalent to NZ$1.39.