Greenstone Energy, a company jointly owned by Infratil and the New Zealand Superannuation Fund, is investing in a new retail site on the North Shore of Auckland.
The new Shell service station is the second retail investment commitment that Greenstone has made since April.
Chief executive Mike Bennetts says the signing of the lease is another demonstration of Greenstone's commitment to investment in New Zealand and to growth.
The new site, which was previously run by a competitor but had been closed for a year. It will cost up to $2 million to develop.