Latest news with #NewZealandSuperannuationFund
Yahoo
07-08-2025
- Business
- Yahoo
Infratil, NZ state-run fund exit RetireAustralia in $551 million deal with Invesco
(Reuters) -Domestic utilities investor Infratil and New Zealand's state-run pension fund and have agreed to sell their entire stake in a retirement village operator across the Tasman Sea for A$845 million ($551.11 million). Infratil said on Friday it currently expects to pocket A$300 million worth of proceeds from the deal as it continues to do further work towards the NZ$1 billion ($596.20 million) divestment target. The New Zealand Superannuation Fund and Infratil, a company that invests in infrastructure assets formed an equal share consortium in 2014 to take over RetireAustralia for A$640.2 million. The New Zealand-based entities are now selling 100% of the retirement village operator to the global real estate investment business of U.S.-listed Invesco. Despite a positive outlook for RetireAustralia, Infratil said the scale of the business no longer aligns with its portfolio strategy. "With a market capitalisation now exceeding NZ$11 billion, and despite a positive outlook for the business, it is increasingly difficult for an investment of this size to deliver meaningful returns for Infratil shareholders," the company said on Friday. Infratil added it expects to record an accounting loss of about NZ$80 million for the sale, based on a carrying value of NZ$404 million as of March-end. ($1 = 1.5333 Australian dollars) ($1 = 1.6776 New Zealand dollars)
National Business Review
14-05-2025
- Business
- National Business Review
Labour policies offer hope in tough financial times
There was plenty of irony in Finance Minister Nicola Willis' pre-Budget speech at Sharesies' Wellington head office this week. Willis probably missed it, but she spoke a lot about the New Zealand Superannuation Fund and KiwiSaver, and then eloquently about the role the Elevate NZ Venture Fund
Otago Daily Times
13-05-2025
- Business
- Otago Daily Times
Canterbury farm being converted from dairy to apples
A seaside dairy farm in Canterbury is being converted into an apple orchard. The conversion of the Pendarves farm is the first commercial planting of a new apple variety in Canterbury backed by superannuation funds. New Zealand fruit and vegetable giant T&G launched its Joli brand in 2023 following its Envy and Jazz varieties. Initially 125ha of the dairy farm will be planted in the spring, representing Canterbury's first commercial planting of the new variety following trials. T&G has entered into an agreement with the New Zealand Superannuation Fund through its rural investment manager FarmRight. The company is licensing the growing of its Joli apple brand to FarmRight, which will be responsible for planting and growing the 125ha. The farm site has not been publicly released until now. FarmRight has confirmed the Joli project is being undertaken at the Pendarves location. Signage at the gate states the project is being undertaken by FarmRight, NZSuperFund Rural Land Ltd, and Torea Orchards. Infrastructure development is also under way at the site. FarmRight is advertising for permanent and fixed-term staff to work on the orchard. Meanwhile, T&G Apples chief operating officer Shane Kingston recently told Allied Press one of the company's business goals was to have diversified growing. Local conditions suited the introduction of an apple orchard in Canterbury, he said. "We had already planted in Hawke's Bay with 55ha and when we were looking for conditions for Joli to be successful Canterbury came up really strongly when we think about climatic conditions, availability of water, soil types and land available for such a venture. So it made really good sense to diversify to Canterbury." He said FarmRight's development would start with the orchard infrastructure and carry through to the start of tree planting in spring. Apples could be harvested after four or five years, but trees would take seven years before they started fruiting at a commercially viable crop level, he said. "It just shows the level of commitment from the NZ Super Fund, FarmRight and T&G for the region and the variety. In the context it's a long-term play." Kingston said the partners had evaluated the projected returns from their investment in the Joli orchard. "As you could imagine with the decision been made here, the Super Fund and FarmRight are in a number of primary industry sectors, dairy included, so they have got a very good understanding lens on returns per hectare and for them this is a good investment."
