Precinct signs Crown to long-term leases in Wellington worth $500 million

Sun, 31 Jul 2016

By Paul McBeth Aug. 1 (BusinessDesk) - Precinct Properties New Zealand has signed the Crown to a series of long-term leases across four of its buildings in Wellington which it says will generate about $500 million of income over the next 15 years. The Auckland-based company completed its biggest leasing transaction after three years of negotiations with the government, which will secure 68,000 square metres of office space on a weighted average lease term (WALT) of 14.6 years, it said in a statement. The contract extends Precinct's WALT...

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