Abu Dhabi investment fund exits Precinct in $262m deal

Abu Dhabi investment fund exits Precinct in $262m deal
Precinct Properties is a leading developer in Auckland and Wellington. (Image: BusinessDesk)
Oliver Lewis
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...

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