15 Apr 2010

Retail units sold by AMP NZ Office trust

6:07 am on 15 April 2010

AMP New Zealand Office Trust has sold five individually-titled retail units in the Chews Lane precinct in Wellington, for $11.7 million - 10% more than book value.

Chief executive Robert Lang says the units were sold by tender, and all attracted multiple bids.

Private investors and family trusts bought the units and the sale prices represented a weighted average yield of just over 7%.

Mr Lang says the sales should be settled in June and the trust will initially use the sale proceeds to repay bank debt.