AMP New Zealand Office Trust has bought a shopping centre in Auckland, which it says will lift earnings and its dividend payout.
It has purchased Westfield's Downtown Shopping Centre on Auckland's waterfront for $90 million.
Trust chief executive Scott Pritchard says the centre is in a good location for shoppers and has attracted high quality brands.
The trust will be renamed Precinct Properties on 28 September.
The company says the name reflects its evolution from an investment product 15 years ago to an office building investment specialist in Auckland and Wellington.