{"id":479285,"date":"2026-06-16T01:19:11","date_gmt":"2026-06-16T01:19:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/479285\/"},"modified":"2026-06-16T01:19:11","modified_gmt":"2026-06-16T01:19:11","slug":"precinct-sells-half-stake-in-auckland-pwc-tower-in-600m-pag-deal","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/479285\/","title":{"rendered":"Precinct sells half stake in Auckland PwC Tower in $600m PAG deal"},"content":{"rendered":"

Precinct said the proceeds will be used to repay bank debt, reducing its pro forma gearing to 24% by the end of 2025.<\/p>\n

The company also provided an update on its Downtown project, stating that it is progressing work to support a development commitment decision.<\/p>\n

It has partnered with Australian contractor Built for the early contractor involvement phase, which is expected to continue until April 2027.<\/p>\n

Precinct is one of the largest NZX-listed landlords, with a $2 billion market cap. The company posted after-tax net profit<\/a> of $2.9m in the December half-year, with funds from operations dipping to $53.8m from $55m.<\/p>\n

The company is advancing its 56-level Downtown Carpark redevelopment near Auckland\u2019s waterfront, with the project going through the Government\u2019s fast-track consenting pathway.<\/p>\n

A substantive resource consent application was lodged under the pathway in the period, and resource consent uplift is anticipated in the next six months.<\/p>\n

Precinct has a target of $4b to $5b of capital partnerships during the next three to five years, having transformed lately from a solely commercial developer to a solely residential developer.<\/p>\n

Stay ahead with the latest market moves, corporate updates, and economic insights by subscribing to our Business newsletter<\/a> \u2013 your essential weekly round-up of all the business news you need.<\/p>\n","protected":false},"excerpt":{"rendered":"Precinct said the proceeds will be used to repay bank debt, reducing its pro forma gearing to 24%…\n","protected":false},"author":2,"featured_media":479286,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[121048,3469,51,138,3088,3468,29414,23783,16555,1437,2964,78,1426,5933,10054,111,139,69,241187,4753,56448,1356,47419,312,13311,1128,2122,1130,3159,102],"class_list":["post-479285","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-600m","tag-agreed","tag-auckland","tag-business","tag-commercial","tag-deal","tag-developer","tag-downtown","tag-form","tag-global","tag-half","tag-in","tag-investment","tag-investor","tag-landlord","tag-new-zealand","tag-newzealand","tag-nz","tag-pag","tag-partnership","tag-precinct","tag-properties","tag-pwc","tag-says","tag-sell","tag-sells","tag-share","tag-stake","tag-tower","tag-with"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/479285","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=479285"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/479285\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/479286"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=479285"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=479285"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=479285"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}