50% sale of ANZ Centre agreed

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494
2267
NZX announcement – 29 June 2018
50% sale of ANZ Centre agreed
Following the announcement made on 23 April 2018, Precinct Properties New Zealand Limited
(Precinct) (NZX: PCT) announced today that it has now entered into a binding agreement with
a fund controlled by Invesco for the sale of a 50% interest in ANZ Centre in Auckland for $181
million. The sale price is consistent with the 30 June 2018 independent valuation and reflects a
12% premium to 30 June 2017 valuation on a pro-rata basis.
Acquired by Precinct in 1997, ANZ Centre has performed well since it became part of the
portfolio generating a property level IRR of 9.0%. Precinct completed a $76 million upgrade in
2013 and remains committed to maintaining this building as one of New Zealand’s premium
office towers.
Following settlement of this sale and assuming the draft portfolio revaluation gain of $202
million, Precinct’s gearing will reduce to around 19.5%, pro forma gearing after allowing for all
commitments including Commercial Bay and Bowen Campus will sit at around 29%.
Scott Pritchard, Precinct’s CEO said, “The successful sale of a 50% interest in ANZ Centre further
demonstrates our active management approach. It is in line with our business strategy and
enables us to recycle capital out of assets like ANZ Centre into higher yielding development
opportunities”.
The sale transaction remains subject to Overseas Investment Office approval.
ends-
For further information, please contact:
Richard Hilder
Chief Financial Officer
Office: +64 9 927 1645
Mobile: +64 29 969 4770
Email: richard.hilder@precinct.co.nz

Scott Pritchard George Crawford
Chief Executive Officer Chief Operating Officer
Office: +64 9 927 1640 Office: +64 9 927 1641
Mobile: +64 21 431 581 Mobile: +64 21 384 014
Email: scott.pritchard@precinct.co.nz Email: george.crawford@precinct.co.nz

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494
2267
About Precinct (PCT)
Precinct is New Zealand’s only listed city centre specialist investing predominately in premium
and A-grade commercial office property. Listed on the NZX Main Board, PCT currently owns 14
New Zealand buildings – Auckland’s PwC Tower, AMP Centre, ANZ Centre, Zurich House, HSBC
House, Mason Brothers Building, 12 Madden Street and Commercial Bay; and Wellington’s
AON Centre, Dimension Data House, No. 1 and No. 3 The Terrace, Pastoral House, Mayfair
House and Bowen Campus.