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

Precinct chair Craig Stobo.

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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