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Sign in Sign up for a FREE subscriptionGIC enters $680m New Zealand JV with Precinct Properties
Precinct Properties has conditionally agreed to form a new real estate investment partnership with Singapore sovereign wealth fund GIC.
The partnership will initially acquire five assets from Precinct’s existing portfolio in Auckland (two) and Wellington (three) totaling about NZ$590 million ($400 million). The partnership has the ability to grow to about NZ$1 billion over time ($680 million).
Precinct will own a minority 24.9 percent interest in the partnership, serving as the investment manager.
“Establishing a new collaborative and committed partnership with a global investor of this scale and quality represents a strategic step forward for our business,” said Scott Pritchard, Precinct’s CEO. “The partnership with GIC provides access to capital with an aligned partner and fully supports the execution of Precinct’s future growth, further enhancing shareholder returns. We are leveraging our well-located premium assets, experienced team and Precinct
