New Zealand’s sovereign wealth fund NZ Super Fund is partnering with local company Russell Property Group to acquire 250 hectares of waterfront real estate in east Auckland for an undisclosed sum.
The property includes the 170-hectare Formosa Golf Course, and another 80 hectares belonging to Pipers Limited Partnership, an associate firm of Russell Property Group, NZ Super Fund says in a statement on March 9. It did not identify the owner of the golf course.
NZ Super Fund and Russell Property Group have formed a partnership, Beachland South LP, for the deal.
According to Will Goodwin, head of direct investments at NZ Super Fund, the acquisition gives the fund exposure to an asset class it had been “evaluating and exploring for some time”.
“This investment creates a high-quality land holding that we will look to add value to over time,” he says in the statement.
Last year, NZ Super Fund and Russell Property Group formed another partnership, NZ Hotel Holdings Asset LP, to acquire hotels.
NZ Super Fund currently has NZ$44.7 billion (US$28.29 billion) of assets under management.