AMP NZ Office Trust unit-holders ratify unit placements

May 9, 2007

AMP NZ Office Trust (ANZO) unit-holders today ratified two previous unit placements carried out by the trust, New Zealand’s largest listed investor in prime commercial office property.

ANZO completed institutional unit placements in December 2006 and April 2007, which helped the trust to fund the acquisitions of Wellington’s Deloitte House and AXA Centre and to retire existing short-term debt.

At a meeting in Wellington today, ANZO executive manager Robert Lang told unit-holders the placements were value-enhancing capital management initiatives which will increase after-tax earnings in the current year and beyond. The placements gave ANZO a stronger balance sheet and increased capacity for future growth, and significantly reduced its interest rate exposure.

By ratifying the two placements, Mr Lang said unit-holders would preserve ANZO’s investment financing capability and ensure a continuation of the financial flexibility that has underpinned its growth and  performance to date.

Results of ANZO unit-holder meeting
Resolution 1 – Ratification of unit placement undertaken in December 2006 – Passed
Resolution 2 – Ratification of unit placement undertaken in April 2007 – Passed 

ANZO is managed by AMP Multiplex Management Limited.

About ANZO
ANZO is New Zealand’s largest listed investor in premium and A-grade commercial office property. A unit trust listed on the New Zealand Exchange, ANZO currently owns 14 New Zealand office buildings with a total gross value of more than $1.4 billion – Auckland’s PricewaterhouseCoopers Tower, ANZ Centre, IAG House, Quay Tower and 21 Queen Street; and Wellington’s State Insurance Tower, Vodafone on the Quay (formerly Mobil on the Park), HP Tower, 125 The Terrace, No. 1 and 3 The Terrace, Pastoral House, Mayfair House, AXA Centre and Deloitte House.