POWERED BY MOMENTUM MEDIA
AMP Capital expands energy holdings
AMP Capital plans to acquire 42 per cent in Powerco NZ Holdings, entering into an agreement with Brookfield Infrastructure to invest NZ$525 million.
AMP Capital made the investment into New Zealand's second largest electricity and gas distribution company on behalf of a number of clients and managed funds, including its own Infrastructure Equity Fund and Core Infrastructure Fund.
AMP Capital global head of infrastructure Scott Davies said Powerco had further growth opportunities which fitted into its strategy to manage and improve assets under its management.
"The strength of the Powerco business and the New Zealand economy makes this an attractive investment for our managed funds and clients," he said.
"This transaction offers them exposure to a geographically diversified quality asset in the core regulated utility sector."
Powerco supplies electricity and gas to over 426,000 consumers in New Zealand's North Island, representing 16 per cent of total electricity connections and 40 per cent of total gas connections in New Zealand.
The acquisition is conditional on approval from the New Zealand Overseas Investment Office, with a response expected in late 2013.
Earlier this month, AMP Capital agreed to acquire 50 per cent in a Sydney office development.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
As market volatility persists, some super funds are pivoting defensively, while others are strategically positioning to capitalise on emerging opportunities.
New data has shown a progressive deterioration in risk appetite among instos even prior to Donald Trump’s latest round of tariffs.
UniSuper has reached “peak investment” in US assets and is now preparing to reassess its exposures amid ongoing sharemarket volatility.
Investors have slashed their US equity allocations to the lowest level on record, according to new data from Bank of America.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
