Sale of PwC Tower to New Investment Partnership

Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
NZX announcement – 16 June 2026

Sale of PwC Tower and Establishment of New Investment Partnership

Precinct Properties Group (Precinct) (NZX: PCT) announces that it has entered into an
agreement to sell a 50% interest in PwC Tower, Auckland, and to establish a new
investment partnership with PAG, a leading global investment firm.

Scott Pritchard, Precinct’s CEO, said, “We are pleased to confirm the sale and
establishment of a new investment vehicle, and to be growing our relationship with an
existing capital partner. The transaction is highly consistent with our strategy to recycle
capital and grow capital partnerships, and demonstrates Precinct's ability to continue to
execute on its strategy through challenging global market conditions.

“PwC Tower is regarded as Auckland’s best premium office building, developed by
Precinct as part of the first stage of the transformational Commercial Bay development
which completed in 2020. This transaction retains Precinct’s ownership of a significant
stake in a premium asset while further positioning our balance sheet to progress future
opportunities as market conditions allow.”

Key transaction terms

The partnership will acquire the asset for a headline price of $600 million.

Under the terms of the sale and purchase agreement, the equity consideration will be
deferred for 18 months post settlement and is subject to a price adjustment mechanism.
The adjustment mechanism is linked to the five-year swap rate and may reduce the
effective sale price, subject to a cap. Precinct expects the effective sale price to be
within 5% of book value.

Precinct will be the investment and asset manager on behalf of the new partnership with
a market fee arrangement in place. The transaction remains conditional on OIO approval
and settlement is expected in H1 of FY27.

Proceeds from the sale will be initially used to repay bank debt, with Precinct’s pro forma
gearing to reduce to 24% as at 31 December 2025 (note 1).

Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
Downtown project update

The PwC Tower transaction provides the business with greater financial flexibility to pursue
growth, while ensuring continued discipline in its approach to capital allocation.

Consistent with Precinct’s previous projects, the company is actively progressing a range
of workstreams to support an informed development commitment decision, including
preleasing, procurement, consenting and funding capacity.

Precinct has partnered with a Main Contractor, Built, to undertake Early Contractor
Involvement (ECI), and this phase is expected to continue until April 2027. Built is an
Australian-owned tier 1 contractor, headquartered in Sydney, with a strong track record in
high-rise construction within design-build fixed price contract frameworks. This phase will
conclude in April 2027 and will inform any commitment to the development.


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

Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
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 Precinct Flex, Commercial Bay retail
and a multi-unit residential development business.

As at 31 December 2025 on a pro forma basis following completion of the PwC Tower transaction, Precinct's
directly-held portfolio totals $2.7 billion and Precinct has a further $2.5 billion of committed capital partnering
assets under management; Precinct holds an interest in $2.0 billion of these assets, with the balance being
managed on behalf of third-party partners (all amounts presented on a committed, completion value basis).
For more information visit: www.precinct.co.nz.

Shareholders in Precinct hold an equal number of shares in Precinct Properties New Zealand Limited and
Precinct Properties Investments Limited and these shares can only be dealt with together. The stapled issuers
are described as “Precinct Properties NZ & Precinct Properties Investments Ltd” on NZX systems and the ticker
code for the Stapled Shares remains PCT.

Note 1
Precinct’s actual gearing (adjusted total liabilities to adjusted total assets) as at 31 December 2025 was 37.2%.
Pro forma gearing post settlement of the InterContinental Auckland hotel and 22 Stanley Street was 33.7% and
this metric reduces to 24% post the PwC Tower transaction on a pro forma basis.