Joint Venture formed to acquire Te Toangaroa portfolio

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 F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
NZX announcement – 14 August 2023
Joint Venture formed to acquire Te Tōangaroa portfolio

Precinct Properties Group (Precinct)(NZX:PCT) is pleased to announce today it has formed a
Joint Venture with the tangata whenua of central Tāmaki Makaurau Ngāti Whātua Ōrākei, to
invest in the regeneration of the Te Tōangaroa precinct in the Tāmaki Makaurau city centre.
Precinct’s investment will be in partnership with global private investor, PAG.
The Te Tōangaroa portfolio comprises two low-rise commercial buildings situated at 8
Tangihua Street and 30 Mahuhu Crescent, totalling approximately 22,000 square metres. The
broader Te Tōangaroa precinct within the eastern portion of Auckland city centre provides a
mix of office, hotel, and residential accommodation as well as Spark Arena. Across the two
properties, the Precinct/PAG partnership will hold a 56% ownership interest and Ngāti Whātua
Ōrākei will hold the remaining 44% interest. Precinct’s initial equity investment is approximately
$10 million with further capital expenditure anticipated for re-leasing of the buildings.
Ownership of the land will remain with Ngāti Whātua Ōrākei with the investment partnership
holding a 123 year prepaid ground lease.
8 Tangihua Street is a 9 level A Grade commercial building. Originally constructed in 2008 to
a 4 Green Star design specification, an extensive lobby and ground floor refurbishment
programme has been recently completed. The building provides modern office
accommodation to a number of clients on long term leases.
30 Mahuhu Crescent is an 8 level A grade commercial building, situated with corner frontage
to Mahuhu Crescent, Tapora Street and Quay Street. The building was completed in 2008 to
a 5 Green Star design specification and accommodates 5 levels of campus style office
accommodation to a single tenant who is expected to relocate mid 2024.
Scott Pritchard, Precinct’s Chief Executive, said, “Leveraging Precinct’s asset management
expertise, market relationships and capital partnerships, we are delighted to be working with
Ngāti Whātua Ōrākei and our investment partner PAG to invest in and regenerate this key site
along Auckland’s waterfront.”
“The joint venture will focus on the repositioning of both assets and enhancing the Te
Tōangaroa precinct, where Ngāti Whātua Ōrākei owns approximately 20 hectares of land. A

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 F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
key priority will be the re-leasing at 30 Mahuhu Crescent which will become vacant in mid
2024.”
“As the Auckland city centre recovers from the upheaval of the last few years and returns to
growth, we are excited to be working in partnership to enhance this part of central Auckland.
Alongside our partners we are committed to cultivating cities that people can be proud of
and Te Tōangaroa is an important part of the city. Not only does it enhance the east-west
connection along the waterfront, but its proximity to strong transport links makes it a popular
location for office occupiers.”
"Precinct is proud to be working in partnership with Ngāti Whātua Ōrākei, and excited about
the opportunities within this Joint Venture as well as future opportunities. Aside from improved
design outcomes, this Joint Venture will provide social benefits, including a scholarship funded
by the Joint Venture, as well as social procurement outcomes for Ngāti Whātua Ōrākei.”
Ngāti Whātua Ōrākei Whai Rawa Chief Executive Grant Kemble says the commercial
partnership with astute property experts such as Precinct is exciting.
“We have tremendous respect for Precinct and the way they have contributed to making
Tāmaki Makaurau a city we can all be proud of, and we are thrilled to embark on this journey
with them to enhance the vibrancy of our precinct, Te Tōangaroa.
We look forward to combining our strengths, leveraging our collective experience, and
ushering in a new era of possibilities for all those who call Te Tōangaroa and Tāmaki Makaurau
home.”
Precinct will be appointed as Investment and Property Manager to the Joint Venture with the
acquisition of the Te Tōangaroa Portfolio expected to settle at the end of August 2023.
Ends

For further information, please contact:
Scott Pritchard
Chief Executive Officer
Mobile: +64 21 431 581
Email: scott.pritchard@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 F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
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

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 F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
About Precinct (PCT)
Listed on the NZX Main Board under the ticker code PCT and ranked in the NZX top 30, Precinct
is the largest owner, manager and developer of premium inner-city real estate in Auckland
and Wellington. Precinct is predominantly invested in office buildings and also includes
investment in Generator, Commercial Bay retail, third party capital partnerships, and a multi-
unit residential development business. For information visit: www.precinct.co.nz
On 1 July 2023, Precinct effected a restructuring to create a stapled group structure. A stapled
group comprises two listed parent companies whose shares are held by the same shareholders
in equal proportions. The shares in each parent company can only be transferred or dealt with
together.
Shareholders in Precinct Properties Group (“Precinct”) hold an equal number of shares in
Precinct Properties New Zealand Limited (“PPNZ”) and Precinct Properties Investments Limited
(“PPIL”) and these shares can only be dealt with together. The stapled issuers are described as
“Precinct Properties NZ Ltd & Precinct Properties Investments Ltd (NS)” on NZX systems and the
ticker code for the stapled shares remains PCT.

About Ngāti Whātua Ōrākei
Ngāti Whātua Ōrākei are the tangata whenua of central Tāmaki Makaurau. There are
approximately 7,000 hapū members throughout Aotearoa (New Zealand) and around the
world. Located in and around the Tāmaki isthmus, in the largest city in Aotearoa, Ngāti
Whātua Ōrākei holds firm to its history, culture, identity and language. For more information
about the iwi visit: www.ngatiwhatuaorakei.com
Whai Rawa is the commercial arm of Ngāti Whātua Ōrākei is a property development and
investment company, whose purpose is to maximise the financial or economic returns to the
iwi, so it is able to support Ngāti Whātua Ōrākei whānau for generations to come. As at 30
June 2022, Whai Rawa noted a $1.6bn value of total assets and $107m net profit. For more
information about Whai Rawa visit: www.ngatiwhatuaorakeiwhairawa.com