AMP Capital has sold a portfolio of 18 properties for just over $1 billion.
The portfolio is 70 percent-owned by two AMP funds and almost 30 percent-owned by the New Zealand Superannuation Fund, often referred to as the Cullen Fund after former finance minister Michael Cullen, who started it.
The buyer is the Canada-based Public Sector Pension Investment Board, so the purchase needs approval from the Overseas Investment Office.
The properties include the 60,000 square metre Botany Town Centre and the 40,000 square metre Manukau Supa Centre, both in Auckland, as well as the 13-level PricewaterhouseCoopers Tower and the adjoining 12,600 square metre Capital on the Quay retail centre in Wellington.
AMP Capital will continue to manage the buildings.
Portfolio general manager Stephen Costley said it was a great result for all parties.
"We were asked by our investors last year to go to markets and to give them an opportunity to realise their investment in the portfolio.
"There was other interest in the portfolio (but) the investors chose to engage with the Canadian fund and the sale and purchase agreement has now been exchanged."
Mr Costley said the portfolio was sold as one line as that was considered an efficient strategy for investors.