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...

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 }}

World

Trump lifts sanctions on Syria as it holds talks on diplomatic ties with Israel

The Wall Street Journal 12:45pm

Energy

Genesis looks at expansion of Huntly power station

Market being tested for risk investment appetite.

Ian Llewellyn 11:40am

Genesis looks at expansion of Huntly power station

Retail

Warehouse drops guidance, loss now in scope

The retailer has raised the possibility of a full-year earnings loss.

Gregor Thompson 10:13am

Warehouse drops guidance, loss now in scope

Sponsored

Tough conversations ahead as cost of living drives employee requests for pay rises

Rising living costs put pressure on both workers and employers.

Moneyfit

Sponsored

Why corporate giving matters

Dave Letele and Z provide support where urgent need is overlooked.

Z Energy

More Property

Property

Vector ‘on notice’ for unfair contract terms; complainant now facing higher costs

Garth Bray 5:00am

Property

Investore buys New Lynn Bunnings site for $43 million

Investore Property has struck a deal to acquire the Bunnings complex in New Lynn, Auckland.The company told the market on Friday it had entered an unconditional agreement to acquire the property for $43 million.The 2.2-hectare site at 2–12 Titirangi Rd features an 11,000sq m buil...

Staff reporters 27 Jun 2025