NZ Super Fund and Russell Property Group secure strategic land holding in East Auckland
The NZ Super Fund and parties associated with Russell Property Group have agreed to acquire a significant waterfront land holding in east Auckland, Australia, including the Formosa Golf Course.
The partnership, Beachlands South LP, will be a separate venture to the limited partnership NZ Hotel Holdings Asset LP, which was established last year to acquire hotel assets.
The acquisition comprises around 250 hectares (618 acres) and consolidates the Formosa Golf Course land (170.5 hectares/421 acres at 110 Jack Lachlan Drive), as well as a property of 80 hectares (198 acres) at 620 Whitford-Maraetai Road.
The Whitford-Maraetai Road site is owned by Pipers Limited Partnership, an associate of Russell Property Group and its investment partners.
Will Goodwin, NZ Super Fund’s head of direct investments, said, “The new venture provides the Fund with exposure to an asset class that it has been evaluating and exploring for some time. This investment creates a hi