Precinct profit plumped by revaluations, seeks new 'third party capital'

One Queen St, the future home of Deloitte Centre (Image: supplied)

Thu, 12 Aug 2021

Precinct Properties generated a net profit of $179.9 million for the 12 months to June on the strength of portfolio revaluation gains of $282.9m, up from a covid-impacted $35.1m in the prior year.Those gains were largely offset by a gross payment of $215m to AMP Haumi Management in March to terminate its management services agreement and internalise Precinct’s management in house. Income, measured as ‘adjusted funds from operations’, which accounts for non-cash items, was up 3.1% at $85.3m, reflecting high occupancy level...

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