Precinct Properties New Zealand sells 50% interest in PwC Tower, partners with PAG

Precinct Properties New Zealand

15/06/2026 22:29

June 16 (Reuters) - Precinct Properties New Zealand PCT.NZ said on Tuesday it had partnered with global investment firm PAG through the sale of a 50% interest in Auckland's PwC Tower for NZ$600 million ($349.26 million).
     
Here are some details:
Under the agreement, payment will be deferred for 18 months after settlement and remain subject to a price adjustment mechanism linked to the five-year swap rate, Precinct said.
The partnership will help allow the company to retain a significant stake in the tower while positioning its balance sheet to pursue future opportunities.
Precinct will retain a 50% interest in the premium office tower and continue as investment and asset manager for the partnership under a market-based fee arrangement.
The owner and developer of inner-city business spaces expects the final price to be within 5% of book value, with settlement anticipated in the first half of FY27.
Precinct added it continues to progress planning work for its Downtown development project and has appointed Australian contractor Built to support early-stage construction planning through April 2027.
     
($1 = 1.7179 New Zealand dollars)

 (Reporting by Anjali Singh in Bengaluru; Editing by Joyjeet Das)
 ((anjali.singh2@thomsonreuters.com;))