ANZO confirms settlement of Chews Lane retail units

June 2, 2010

AMP NZ Office Trust (ANZO), New Zealand’s largest listed investor in prime commercial office property, has confirmed that the sales of five individually-titled retail units in Wellington’s Chews Lane precinct (announced to NZX on April 14) have all settled as scheduled.

The total realised ($11.65 million before deducting disposal costs) was 11 percent ahead of book values for the five units. The purchasers were private investors and family trusts and the sale prices represented yields ranging from 6.1 percent to 7.7 percent, with the weighted average yield being 7.15 percent.

ANZO will initially use the sale proceeds to repay bank debt. Chief executive Robert Lang said this will have a neutral effect on earnings. ANZO’s gearing is forecast to be approximately 23.0 percent as at 30 June 2010, reflecting the sale of the Chews Lane units and recently-announced portfolio revaluations.

ANZO is managed by AMP Haumi Management Limited.

About ANZO
ANZO is New Zealand’s largest listed investor in prime and A-grade commercial office property. A unit trust listed on the New Zealand Exchange, ANZO currently owns 15 New Zealand office buildings with a total gross value of more than $1.27 billion – Auckland’s PricewaterhouseCoopers Tower, ANZ Centre, 151 Queen Street, AMP Centre and 21 Queen Street; and Wellington’s State Insurance Tower, Vodafone on the Quay, HP Tower, 125 The Terrace, No. 1 and 3 The Terrace, Pastoral House, Mayfair House, AXA Centre, Deloitte House and 29 Willis Street (Chews Lane).