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AMP's Xmas spree

Christine Nikiel

Friday 19th December 2003

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The AMP Property Portfolio (APP) has gone on a buying splurge, this week announcing the purchase of about $150 million of retail property it plans to turn into bulk retail centres.

The land, bought from Jonmer Projects, includes a vacant site in the Manukau Supa Cena, which the APP already co-owns, the Northwood Supa Centa in Christchurch and nine hectares of land at Hamilton's Te Rapa.

Developer Jonmer will build stores on vacant sites in Manukau and Northwood over the next three years and find tenants for them before on-selling to the APP at a pre-agreed yield.

APP general manager Murray Jordan said the deal took the portfolio up to a value of $580 million, and made it the country's biggest owner of large-format retail property by value and area.

Jordan said the purchase of the Manukau Supa Centa was an example of APP's buying an existing asset to enhance the investment returns at minimal risk.

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