Precinct sells buildings into Singapore-backed portfolio

Commercial Bay, foot traffic down and 'severe financial impacts' on retailers. (Image: BusinessDesk)

Wed, 23 Feb 2022

Precinct Properties will inject five of its inner-city properties, valued at about $590 million, to seed a new strategic investment portfolio with the Singaporean sovereign wealth fund (GIC).The partnership, with the Singaporean government’s investment arm, could grow to $1 billion, it said. Precinct Properties Management, in which NZX-listed Precinct will retain a 24.9% stake, will act as the investment manager, with a market fee arrangement in place for the funds and property management of the assets.The initial properties include...

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