Published 7 September 2006
Tower Asset Management has sold 50% of the Bayfair shopping centre in Mt Maunganui â€“ plus management rights – to AMP Capital Investors Ltd of Australia for $121.5 million, on a yield a shade under 5%.
The yield is significant in comparative terms for a market where this kind of offering is very rare, but the AMP investment arm is more concerned with total returns.
The New Zealand division of AMP Capital Investors was specifically excluded from participating in the Tower tender because it’s the other major (& bigger) local unlisted fund.
Attribution: Conversations, story written by Bob Dey for this website.