Funds in city asset

Press, 23 October 1984, Page 23

Funds in city asset

The 900 staff of Waitaki N.Z. Refrigerating, Ltd, who are members of the company’s superannuation scheme are pleased to know that their retirement is secure through the fund’s investment in property destined to service consumers. This is a policy of N.Z. Meat Nominees, Ltd — the holder of the investments of Waitaki’s superannuation scheme — and the company’s latest involvement is that with the new Linwood City Shopping Centre. “There is always a demand for investment in consumer servicing developments,” said Mr Neil Blair, the investment manager of N.Z. Meat Nominees, “and our fund is happy to contribute to this area — particularly in Canterbury, the home of Waitaki’s head

office. “N.Z. Meat Nominees has more than ?30 million worth of property and other investments throughout the country. Some ?12 million of that is in existing Christchurch developments and the company’s major shareholding in the Linwood City shopping centre will add another $6 million. “N.Z. Meat Nominees was particularly pleased to have the opportunity to become involved in Linwood City,” said Mr Blair. “The development is a challenging one because it introduces an exciting new shopping complex to another part of the city. We believe it will become a second Merivale Mall — a focal point for local residents and for shoppers from all suburbs of the city, as well as for out of town

visitors. “It’s a development that looks after the interests of the pension fund and its members, and at the same time adds another asset to the city." In Christchurch, the investments of N.Z. Meat Nominees, Ltd, include several modem office buildings occupied by Waitaki N.Z. Refrigerating, Ltd, and various legal firms; a number of warehouse properties with tenants such as Freightways and Ballin-Rattray; and numerous retail shops including Carnaby Street, New Brighton and Chancery Lane. The policy of investing in consumer-servicing areas is followed in other parts of the country and includes, for example, ownership in the Henderson Square complex in Auckland.