PCT advances living strategy

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 – 5 June 2024
PCT advances living strategy

Precinct Properties Group (Precinct) (NZX: PCT) is pleased to announce today further progress
as it advances its strategic growth in the living sector.
Today, Precinct is pleased to announce:
- Precinct’s entry into the student accommodation sector with the acquisition of 256 Queen
Street, Auckland to develop a Purpose-Built Student Accommodation (PBSA) facility;
- Growth in Precinct’s residential Build-to-Sell pipeline, with the entry into an agreement with
Eke Panuku Development Auckland to conditionally acquire a site at the junction of
Dominion Road & Valley Road in Mount Eden, Auckland for a high-density residential
apartment development; and;
- Reflecting strategic progress on Precinct’s living sector activities, a move to 100%
ownership of Precinct Properties Residential Limited (PPRL), the joint venture established
with Tim and Andrew Lamont in 2022.
Scott Pritchard, Precinct CEO said, “As a long-term owner and developer of real estate in
New Zealand’s largest city centres, the progress announced today demonstrates Precinct’s
commitment to further growth in the living sector. We are excited to be growing the platforms
we have created and participate in a market where we see significant opportunity over the
long term. Furthering our investment and simplifying our business in the living sector is highly
consistent with our capital partnering strategy, with strong investment appetite from capital
partners for high quality investment opportunities in this sector.”
In line with Precinct’s wider living strategy, Precinct is pleased to announce its entry into the
student accommodation sector. This move follows extensive research, which forecasts strong
demand growth and limited new supply in this sector in New Zealand, and recognition that
this growth has delivered strong investment returns in cities with similar market dynamics
globally. Precinct is well positioned to participate in this sector, with the combination of its
development expertise, city centre knowledge, residential development experience and
capital partnering platform.

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
256 Queen Street, with frontage to Lorne Street, is ideally located for PBSA development in
close proximity to the University and midtown Auckland amenities. Initial designs show
potential for over 500 self-contained studio units, bringing an inspiring new standard of student
accommodation to Auckland city. The redevelopment of the site will include the restoration
of the historic Auckland Savings Bank as a separate retail and commercial component, and
Precinct is excited to be contributing to the regeneration of Auckland’s midtown precinct.
Scott Pritchard, Precinct CEO said, “Precinct has a clear vision to create new, best in class,
student accommodation and we see significant growth potential and value in this market for
our business to outperform. Reflecting these attractive characteristics, there is strong
investment in terest in the PBSA sector, and we anticipate that our investment in PBSA will be
alongside a capital partner.”
The acquisition of 256 Queen Street for $9 million is expected to settle at the end of June 2024.
Precinct also announces today further progress on its residential build-to-sell pipeline, through
an agreement with Eke Panuku to conditionally acquire and redevelop the 5,250 square
metre residential and commercial site of 198-222 Dominion Road & 113-117 Valley Road in
Mount Eden, Auckland. The site has frontages to both Dominion and Valley Roads providing
easy accessibility to shops, restaurants, and various public transport hubs in Mount Eden.
Scott Pritchard, Precinct CEO said, “We are very pleased to secure this well-located residential
development opportunity within Auckland’s city fringe. The Dominion and Valley Road
project represents a strong strategic fit for Precinct’s residential strategy. Pleasingly, we
continue to observe strong demand from both funders and potential capital partners to
participate in Precinct’s residential projects.”
“We look forward to again working in partnership with Eke Panuku and together engaging
with the wider community to deliver this $160 million plus development”.
The acquisition of 198-222 Dominion Road & 113-117 Valley Road for $13.25 million is expected
to take place in late 2025 following satisfaction of certain conditions.
Scott Pritchard, Precinct CEO concluded, “With the strong progress in our living strategy over
the last 18 months and the further growth announced today, we are moving to strengthen
and simplify this part of our business through acquiring the remaining 50 per cent interest in
the residential development management business joint venture, PPRL. PPRL was established
in 2022 with the founders of Auckland based private equity real estate developer Lamont &

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
Co. and has been a natural extension of Precinct’s core strategy. Moving to 100% ownership
strengthens Precinct’s residential platform and enhances our market position. Pleasingly, both
Tim and Andrew Lamont have committed to Precinct for a further 5 years and will work with
us in further advancing this strategy”.
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

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

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.