Precinct NZ $75 million Wholesale Green Bond Issue

GENERAL

Fri, Oct 18 2024 11:19 am

Precinct Properties New Zealand Limited (Precinct NZ) is pleased to announce today a new $75 million five-year wholesale green bond issue.

The $75 million of fixed rate secured unsubordinated green bonds will be issued to wholesale investors on 24 October 2024 and will pay a fixed interest rate of 5.42% per annum.

The five-year green bonds have been priced at a margin of 1.70% and will refinance Precinct’s USPP due to mature in January 2025.

ANZ Bank New Zealand Limited was Lead Manager for the transaction.

Ends

For further information, please contact:

Richard Hilder
Chief Financial Officer
Mobile: +64 29 969 4770
Email: [email protected]

About Precinct
Listed on the NZX Main Board under the ticker code PCT and ranked in the NZX top 30, Precinct is the largest owner, manager and developer of premium city centre real estate in Auckland and Wellington. Precinct is predominantly invested in office buildings and also includes investment in Generator, Commercial Bay retail and a multi-unit residential development business. As at 30 June 2024, Precinct's directly-held portfolio (on-completion value) totalled $3.3 billion and Precinct had a further $1.6 billion of capital partnering assets under management: $1.1 billion of these were assets in which Precinct holds a minority interest; with the balance being managed on behalf of third party partners. For information visit: www.precinct.co.nz

On 1 July 2023, Precinct effected a restructuring to create a stapled group structure. A stapled group comprises two listed parent companies whose shares are held by the same shareholders in equal proportions. The shares in each parent company can only be transferred or dealt with together.

Shareholders in Precinct Properties Group (“Precinct”) hold an equal number of shares in Precinct NZ and Precinct Investments Limited and these shares can only be dealt with together. The stapled issuers are described as “Precinct Properties NZ Ltd & Precinct Properties Investments Ltd (NS)” on NZX systems and the ticker code for the stapled shares remains PCT.