Investment partnership now unconditional

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 Generator, 30 Waring Taylor Street, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand

 

NZX announcement – 15 September 2022
Investment partnership now unconditional

Precinct Properties New Zealand Limited (Precinct) (NZX: PCT) is pleased to announce that the
sale of the initial portfolio of properties to Precinct Pacific Investment Limited Partnership (PPILP)
is now unconditional.
The transaction has been approved by the Overseas Investment Office and Precinct has also
obtained the additional consents required to satisfy the remaining conditions.
Scott Pritchard, Precinct’s CEO, said “The establishment of the Partnership represents an
important milestone in delivering on our strategy. Building on Precinct’s high quality portfolio
created from our development pipeline, we are committed to creating further long term value
for our capital partners and Precinct shareholders. Looking forward, we will continue to focus
on working alongside capital partners to leverage Precinct’s capabilities and take advantage
of market opportunities. We continue to anticipate this partnership growing to around one
billion dollars”.
The initial $377 million portfolio comprises Mayfair House, Charles Fergusson Building, 10 Madden
Street and 12 Madden Street. Precinct will continue to manage the properties under the terms
of an investment management agreement and has a 24.9% ownership interest in the Limited
Partnership.
Settlement (other than Charles Fergusson Building) is expected to occur in October. The
settlement of Charles Fergusson Building will follow shortly afterwards once new titles have been
issued.
Ends
For further information, please contact:

Scott Pritchard
Chief Executive Officer
Mobile: +64 21 431 581
Email: scott.pritchard@precinct.co.nz

George Crawford
Deputy Chief Executive Officer
Mobile: +64 21 384 014
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 Generator, 30 Waring Taylor Street, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand

 
Richard Hilder
Chief Financial Officer
Mobile: +64 29 969 4770
Email: richard.hilder@precinct.co.nz

About Precinct (PCT)
Precinct is New Zealand’s only listed city centre specialist investing predominantly in premium
and A-grade commercial office property. Listed on the NZX Main Board, PCT currently owns
Auckland’s HSBC Tower, AON Centre, Jarden House, Deloitte Centre, 204 Quay Street, Mason
Bros. Building, 12 Madden Street, 10 Madden Street, PwC Tower and Commercial Bay Retail;
and Wellington’s AON Centre, NTT Tower, Central on Midland Park, No. 1 and No. 3 The
Terrace, Mayfair House, Charles Fergusson Building, Defence House, Bowen House, Freyberg
Building and 30 Waring Taylor Street. Precinct owns Generator NZ, New Zealand’s premier
flexible office space provider. Generator currently offers 15,770 square metres of space across
nine locations in Auckland and Wellington.