New Zealand Super has entered into a project funding partnership with local developer Eke Panuku Development Auckland.
The sovereign fund will provide development funding, potentially including financing land acquisition costs, for which it will receive a return.
NZ Super may be a potential investor/acquirer of these assets post-development, for example as part of a build-to-rent investment portfolio.
NZ Super said the partnership was aimed at accelerating and improving the regeneration of Auckland鈥檚 town centres in T膩maki Makaurau.
NZ Super Fund CEO Matt Whineray said: 鈥淲e see a commercial opportunity in large-scale (more than NZ$100m, (鈧�69.5m)), climate-friendly property investments and Eke Panuku is an ideal partner for us.
Auckland mayor Phil Goff said: 鈥淚t means that Eke Panuku will be able to move faster and go further in the critical work it is doing to rejuvenate town centres across Auckland.
鈥淭here鈥檚 a huge amount of work needing to be done, but constraints in the funding council is able to make available to it in challenging financial times,鈥� Goff said.
Paul Majurey, Eke Panuku chair, said: 鈥淧artnering with the NZ Super Fund will give us access to long-term Aotearoa-based capital, meaning we can adapt to market changes over time and widen the footprint of our work to transform Auckland鈥檚 town centres.鈥�
Majurey said importantly, this new funding would mean his organisation could upscale and accelerate development plans.
In recent years NZ Super has built a substantial portfolio of New Zealand property investments including a series of partnerships with local developers including Russell Group, Classic Group and Ng膩i Tahu Property.
To date, it has more than NZ$8bn invested in New Zealand and is looking to increase its exposure to domestic real estate and infrastructure.
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