AMP's Xmas spree

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.

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

CVT - Update on banking facilities
April 9th Morning Report
April 8th Morning Report
ATM - In principle agreement to settle shareholder class action
SUM - 1Q26 Metrics - Sales of Occupation Rights
GMT corporatised and stapled structure completed
April 7th Morning Report
KMD completes Placement and Institutional Entitlement Offer
SML - North Island asset sale completed
RAD - Radius Care Expansion Continues with Care Home Acquisition