Australian and Middle Eastern interests have agreed to sell the management contracts of one of New Zealand's biggest listed real estate vehicles for $215 million. The management business was a joint venture between the two businesses for what was previously called the AMP NZ Office Trust. Craig Stobo, Precinct's independent chairman, said today the Australian and Middle Eastern management had helped create significant value for Precinct shareholders, growing the business in the last decade. In September last year, the AMP board decided to undertake a strategic review of their assets. "I convened a group of independent directors to approach AMP to purchase their stake in the management company.

Source: New Zealand Herald March 29, 2021 01:07 UTC