Precinct partners with PAG on 40 and 44 Bowen Street

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 – 29 November 2022

Precinct partners with PAG on 40 and 44 Bowen Street

Precinct Properties New Zealand Limited (Precinct) (NZX: PCT) is pleased to announce today it
has agreed on the establishment of a new joint investment partnership with global private
investment firm, PAG. The partnership will acquire 40 and 44 Bowen Street in Wellington for a
total purchase price of $240 million following the completion of 44 Bowen Street, anticipated
mid-2023. PAG will have an 80% interest with Precinct holding a minority interest of 20%.
Scott Pritchard, Precinct’s Chief Executive, said, “The formation of a new joint investment
partnership with a committed and experienced partner like PAG represents a further exciting
step for our business. Partnering directly with another experienced global investor allows for joint
investment into the high-quality assets created by our development pipeline. This transaction
reflects the strong investment demand for Precinct’s premium real estate offering and endorses
both our business and long-term strategy.”
“Precinct will continue to work with our capital partners to drive investment performance and
deliver on future market opportunities as they arise. We look forward to building a long-lasting
relationship with PAG and growing this investment partnership over time.”
Precinct will be the investment manager of the joint investment partnership and there is a
market fee arrangement in place for the management of the assets. The sale of 40 and 44
Bowen Street to the joint investment partnership is subject to certain conditions being met
including regulatory approval and practical completion of 44 Bowen Street, prior to expected
settlement in mid-2023.

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.