Anzo grabs prime spot near Beehive

New Zealand Herald

AMP NZ Office has struck a $50.4 million deal to buy commercial land and buildings near the Beehive. Photo / Supplied

AMP NZ Office's $50.4 million deal to buy a big Wellington commercial property got the thumbs-up from property and investment experts yesterday.

NZX-listed AMP NZ Office is buying buildings and land beside the Beehive from AMP Capital Property Portfolio, run by Stephen Costley.

Costley's portfolio is New Zealand's largest unlisted property fund with 29 commercial office, industrial, retail and development properties worth more than $1.27 billion.

The private fund, which owns Defence House in Wellington and Botany Town Centre in South Auckland, is open only to institutional investors.

Two years ago, it sold West Auckland's LynnMall shopping centre to NZX-listed Kiwi Income Property Trust for $174 million.

Costley said yesterday investors in the fund wanted capital returned and the Wellington sale would reduce debt.

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