Precinct partners with PAG on 40 and 44 Bowen Street

Precinct Properties New Zealand Limited (Precinct) has entered into a joint investment partnership with global private investment firm, PAG, to acquire 40 and 44 Bowen Street in Wellington for a total purchase price of $240 million.

The partnership will have PAG with an 80% interest, with Precinct holding a minority interest of 20%.

The sale is subject to certain conditions being met, including regulatory approval and practical completion of 44 Bowen Street, prior to expected settlement in mid-2023.

Precinct will be the investment manager of the joint investment partnership.