Abu Dhabi investment fund exits Precinct in $262m deal

Precinct Properties is a leading developer in Auckland and Wellington. (Image: BusinessDesk)

Thu, 29 Feb 2024

The Abu Dhabi Investment Fund, one of the largest sovereign wealth funds in the world, has sold its entire $262 million stake in listed property developer Precinct Properties.In a disclosure to the New Zealand stock exchange (NZX) on Thursday, Precinct said Haumi Company, which is wholly owned by the investment fund, had sold its 15% shareholding in Precinct in a block trade underwritten by investment bank Jarden.Jarden was selling the shares at $1.10, an 8.3% discount on the last close.Precinct deputy chief executive George Crawford said Haumi...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets

No encore: Potentia exits Vista stake

Despite board snub, Australian investor is still keen on NZ software businesses.

Rebecca Stevenson 7:10am

Law & Regulation

NZers should all be 'concerned': Greyhound racing lawyers

A Govt committee recommended transferring $15.8m of its assets.

Gregor Thompson 5:00am

NZers should all be 'concerned': Greyhound racing lawyers

Infrastructure

Lyttelton Port Company reports record $25.2m profit

The South Island port achieved the result despite a dip in container volumes.

Oliver Lewis 5:00am

Lyttelton Port Company reports record $25.2m profit

Sponsored

Are employers doing enough to prepare workers to retire well?

When one third of the New Zealand workforce is aged 55 or older – are employers doing enough to help them prepare for retirement?

Moneyfit

Sponsored

Bold Steps: reshaping women’s leadership in Aotearoa

Dame Therese Walsh and Dame Joan Withers reflect on the summit’s unlikely beginnings – and how it has evolved into a platform for ambition and impact today.

OnBeingBold