KEY POINTS:
Sydney-based property investor Valad Group is set to buy a group of retail depots and packaging plants operated by Carter Holt Harvey, the company owned by New Zealand businessman Graeme Hart, for A$277.3 million ($312.7 million).
The portfolio includes 15 of Carter's retail warehouses in New Zealand, 10 packaging plants - five of them in Australia - and an office property in Auckland.
Valad, which recently bought British-based property company Scarborough for A$2 billion, said the Australasian market remained a core operation for the company.
"Valad remains on the lookout for great opportunities in our backyard and further afield in Europe and Asia," Valad chief operating officer Jeff Locke said.
It said the sale and leaseback agreement gave the company strategically-located assets and a long term income from a blue-chip client.
The packaging plants and Auckland office building will be bought for Valad Property Trust for A$160.3 million, with the A$48 million group of depots, mostly situated in New Zealand's North Island, earmarked for a new Valad managed fund.
The development sites were acquired for A$69 million on behalf of Valad Funds Management Ltd.
Valad head of real estate investment capital, Mark Frinsdorf, said the Australian and New Zealand property markets remained strong.
"In particular, the New Zealand property market has bounced back this year, showing considerable resilience with declining vacancies and rising rents," he said.
- AAP
