Further growth in Investment Partnership

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 – 28 November 2022

Further growth in Investment Partnership

Precinct Properties New Zealand Limited (Precinct) (NZX: PCT) is pleased to announce today
further growth in its real estate investment partnership with Singapore sovereign wealth fund
GIC (GIC) with the Wynyard Quarter Stage 3 development to be acquired and completed by
Precinct Pacific Investment Limited Partnership (PPILP). Precinct will continue to manage
delivery of the development under the terms of a development management agreement.

Scott Pritchard Precinct CEO said, “We are delighted to advance the growth of the investment
partnership through this transaction, with development participation positioning us to provide
strong investment performance for the partnership. While the investment environment continues
to evolve, this transaction reinforces the strength in the office market and demand for joint
investment into our high-quality assets and large-scale development opportunities.”
On completion of Wynyard Stage 3 the investment partnership portfolio will comprise 3 assets in
Auckland and 2 assets in Wellington. 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 of the sale of Wynyard Quarter Stage 3 to PPILP is expected to occur in early 2023
following satisfaction of certain consent conditions.


Ends

 
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

 

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

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’s portfolio
includes 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.