Property

Precinct to pay $215m for management contract, no shareholder vote

Jenny Ruth
Mon, 29 Mar 2021

Precinct chair Craig Stobo.
Jenny Ruth
Mon, 29 Mar 2021
Precinct Properties' manager is proposing to sell its management contract to company shareholders for $215 million.The company plans to seek a binding ruling from Inland Revenue to confirm that the termination payment will be deductible for income tax purposes, which would reduce the net cost to Precinct to $145m.As a result of the transaction, $10m of fees on current development projects will no longer be required to be paid.The directors secured a waiver from NZX, so the transaction won't require a shareholder vote.The transaction wil...

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