Precinct announces hotel sale at One Queen Street

Precinct Auckland 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 March 2025
Precinct announces hotel sale at One Queen Street
Precinct Properties Group (NZX: PCT) is pleased to announce that it has entered into a
conditional agreement to sell the hotel at One Queen Street in Auckland for $180 million.
Scott Pritchard, Precinct's Chief Executive, said, "Initially purchased in 2012 and
comprehensively redeveloped by Precinct, One Queen Street has been a unique adaptive
reuse project for our business which has further solidified Precinct’s role in creating a world-
class waterfront destination on par with other global cities. Our ambition was to create a fully
integrated second stage of Commercial Bay and we are proud to have achieved this through
the design outcome and seamless connection this building offers the wider precinct.
The sale of the hotel demonstrates the strong endorsement of Commercial Bay, and the
quality of the hotel located at this asset. Opened in early 2024 and operated by one of the
world's most recognised luxury hotel brands, InterContinental, the hotel has enhanced the
Commercial Bay precinct through the diversity of mix and activity. The hotel has added
significant value to Commercial Bay, and we are committed to working closely with the new
owners to continue to deliver an outstanding experience for locals and visitors across the
broader Commercial Bay precinct.”
The purchaser is wholly-owned by Singapore Exchange (SGX) listed, Hotel Properties Limited
(“HPL”). HPL is an established owner, operator and developer of hotels, resorts and shopping
galleries in diversified locations across 17 countries. The Group has interests in 41 hotels under
prestigious hospitality brands including InterContinental Hotels Group.
Following the settlement of this transaction, Precinct’s committed gearing will reduce by
circa 3%. This sale is consistent with Precinct’s business strategy and enables the recycling of
capital to ensure Precinct is well-positioned to deliver on the next phase of its strategy
execution.
This transaction remains conditional only on subdivision being completed which is expected
to be in Q3 2025. Post completion of the subdivision, Precinct will retain ownership and
management of the balance of the property not being divested at One Queen Street, with
the hotel sale to include the office space on levels 3 to 5.
Ends

Precinct Auckland 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

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
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 city centre real estate in Auckland
and Wellington. Precinct is predominantly invested in office buildings and also includes
investment in Generator, Commercial Bay retail and a multi-unit residential development
business. As at 31 December 2024, Precinct's directly-held portfolio (on-completion value)
totalled $3.3 billion and Precinct had a further $1.6 billion of capital partnering assets under
management (on-completion value): $1.1 billion of these were assets in which Precinct holds
a minority interest; with the balance being managed on behalf of third party partners.
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 NZ and Precinct Investments Limited 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.