AMP Capital makes major NZ investment

funds-management/

4 July 2013
| By Staff |
image
image
expand image

AMP Capital has entered into an agreement to acquire 42 per cent of New Zealand electricity and gas distribution company Powerco NZ Holdings from Brookfield Infrastructure for NZ$525 million.

The agreement represents an enterprise value of approximately NZ $1 billion and includes a significant investment by the AMP Capital Infrastructure Equity Fund and the AMP Capital Core Infrastructure Fund.

"We (AMP Capital) are an experienced asset manager of critical infrastructure assets and have a long-term strategy to manage and improve the assets under our management," AMP Capital global head of infrastructure Scott Davies said.

He said the strength of the Powerco business and the New Zealand economy would provide investors with exposure to a geographically diversified quality asset in the core regulated utility sector.

As New Zealand's second largest electricity and gas distributor, Powerco services more than 426,000 consumers, representing 16 per cent of the total electricity connections and 40 per cent of the total gas connections in New Zealand, AMP Capital stated.

The acquisition is conditional upon approval from the New Zealand Overseas Investment Office and is expected to be completed by the end of this year.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 6 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 5 days ago

TOP PERFORMING FUNDS