Todd Property Group (TPG) has agreed to sell the majority of its land development and property investment assets to NZPropCo Ltd (NZPL).
NZPL is a New Zealand-based investment company.
It is majority owned 50 percent by interests associated with Templeton Group and 50 percent by interests associated with Tailorspace and Alvarium Investments.
The sale is expected to be completed by the end of November.
The TPG assets included in the sale to NZPL are:
* Kapiti Coast Airport Holdings Limited including Kapiti Landings large format retail centre
* 68ha of coastal land at Ngunguru
* Former hospital site in Napier
* Long Bay including the newly built Long Bay Village retail centre
* Stonefields including the retail centre Stonefields Market
* Pegasus including the town centre
* rights to develop future stages of Ormiston Town Centre and Flat Bush School Road.
Templeton is a New Zealand-owned property developer and investor that carries on the business of planning and delivering quality long-term master-planned property developments, incorporating residential properties and land developments.
Founded in 2007 by Ben Gough, Tailorspace manages investments exclusively for the Ben Gough Family Office. With a core team based in Christchurch and Auckland, New Zealand, Tailorspace grows long-term value through investing in courageous businesses and people, providing them financial support, business management and governance expertise. The portfolio spans industrial, commercial and investment property; direct investments in finance, construction, health, tourism and apparel sectors; and liquid funds.
Alvarium is an independent investment firm and multi-family office providing tailored solutions for families, foundations and institutions across the Americas, Europe and Asia-Pacific. Alvarium look for ideas outside traditional public markets, sourcing and executing direct co-investment opportunities from niche managers focusing on alternatives and real assets. They are a team of 200 employees led by 25 partners working out of 10 office locations advising on circa £15bn of assets across our three service lines: investment advisory, co-investments and merchant banking.