Precinct raising $250m to buy buildings including Bowen House

Bowen House is a key part of the parliamentary precinct

Fri, 18 Jun 2021

Precinct Properties said it plans to raise $250 million, and possibly more, to buy two Wellington government office buildings and to reduce gearing to about 29%.The company also said it expects to pay dividends this year of 6.7 cents per share, up 3.1% on last year.The landlord and developer said it will raise $220m from an underwritten placement to institutions and $30m from a non-underwritten offer to retail investors with the ability to accept oversubscriptions.As well as funding the purchase and redevelopment of Bowen House, Precinct is als...

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