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Precinct Properties New Zealand announced that it has entered into a partnership with global investment firm PAG through the sale of a 50% interest in Auckland’s PwC Tower for NZD 600 million (USD 349.26 million). The transaction structure includes a deferred payment period of 18 months after settlement and a price adjustment mechanism linked to the five-year swap rate. The company stated that it will continue holding the remaining 50% stake while managing the asset. The deal is expected to be close to book value, with settlement likely in the first half of FY27, along with continued progress on its Downtown development plans.
Precinct Properties New Zealand has confirmed a partnership with global investment firm PAG after selling a 50% stake in Auckland’s PwC Tower for NZD 600 million (USD 349.26 million). The transaction marks a partial divestment while keeping the asset under shared ownership and ongoing management control.
Under the agreement, the payment for the deal will be deferred for 18 months following settlement. The final consideration will remain adjustable based on a pricing mechanism linked to the five-year swap rate, as stated by the company in its disclosure.
The company has indicated that it will retain a 50% interest in the premium office tower and continue to act as the investment and asset manager for the partnership under a market-linked fee structure. This ensures operational continuity while bringing in institutional capital support.
Precinct Properties New Zealand also expects the final transaction value to remain within 5% of its current book value. Settlement is anticipated in the first half of FY27, reflecting a structured completion timeline for the deal. Alongside this, the company continues to advance planning for its Downtown development project and has appointed Australian contractor Built to support early-stage construction planning activities through April 2027.
Source Reuters
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