The Canada Pension Plan Investment Board has agreed to acquire a 50 percent interest in a diversified portfolio of prime office and retail properties in New Zealand from Canada’s Public Sector Pension Investment Board. PSP Investments will continue to hold the remaining 50 percent interest.

The 50 percent interest is valued at NZ$580 million ($415 million) with an equity investment of NZ$230 million ($164 million), subject to customary closing adjustments. The portfolio will continue to be managed by AMP Capital Investors, an existing partner of CPPIB in Australia.

“This is a rare opportunity to acquire a diversified portfolio that includes top-tier office and retail properties in New Zealand, a market with continuing population and tourism growth,” said Jimmy Phua, managing director, head of real estate investments – Asia, at CPPIB, in a statement.

The portfolio comprises 13 well-located office properties and shopping centers, to