// Workers AI · dad joke modeWhat did Precinct Properties say to the rent? "You're evicting my trust
 | |
| Type | Public |
|---|---|
| NZX: PCT | |
| Industry | Property investment and development |
| Founded | December 18, 1997 (as AMP NZ Office Trust) |
| Headquarters | Auckland , New Zealand |
Area served | New Zealand |
| Key people | Anne Urlwin (Chair) Scott Pritchard (CEO) |
| Products | Commercial offices, retail centres, co-working spaces |
| Revenue |  NZ$266 million[1] (2025) |
| Total assets | NZ$3.699 billion (2025) |
Number of employees | 109[1] |
| Website | precinct |
Precinct Properties New Zealand Limited is a New Zealand property investment and development company listed on the New Zealand Stock Exchange (NZX: PCT).[2] Since July 2023 it has traded as part of a stapled security structure alongside a paired entity, Precinct Properties Investments Limited.
As at 31 December 2025, Precinct's directly held property portfolio totalled approximately NZ$2.7 billion, with a further NZ$2.5 billion of committed capital-partnering assets under management, of which the company holds an interest of about NZ$2.0 billion; on this basis, NZX and Precinct describe it as the largest owner, manager and developer of premium city-centre real estate in the central business districts of Auckland and Wellington.[3]
History
[edit]1990s–2000s
[edit]The company was originally established in December 1997 as the AMP NZ Office Trust (ANZO), a listed property trust managed by AMP Capital.[4]
2010s
[edit]In November 2010, the trust underwent a structural corporatisation, converting from a unit trust into a company structure under the name AMP NZ Office Limited, and was renamed Precinct Properties New Zealand Limited in September 2012.[5][6] Scott Pritchard was appointed to lead the Precinct team in 2010 and has been chief executive since.[7]
Shortly before the rename, in September 2012 the company acquired Westfield's Downtown Shopping Centre on Auckland's waterfront for NZ$90 million; the site adjoined its existing PwC Tower and would later be redeveloped as Commercial Bay.[8][9]
2020s
[edit]In 2021, the company internalised its management structure, ending its external management contract with AMP Capital for a payment of NZ$215 million, which established Precinct as a fully standalone corporate entity.[10]
In July 2023, Precinct implemented a stapled security structure, creating a second listed entity, Precinct Properties Investments Limited (PPIL), whose shares are stapled to those of Precinct Properties New Zealand Limited (PPNZ) and can only be traded together under the single ticker PCT. Under this structure, PPNZ mainly holds long-term commercial real estate assets that qualify for Portfolio Investment Entity (PIE) tax status, while PPIL holds management income and operational businesses that do not.[11]
Also in 2023, Auckland Council selected Precinct Properties to redevelop the Downtown Car Park waterfront site into a mixed-use precinct featuring retail, commercial, and residential space; the project received fast-track approval in August 2026.[12]
Precinct entered the purpose-built student accommodation sector in 2024, and in May 2025 announced a $290 million capital partnership and long-term lease agreement with the University of Auckland to develop a 960-bed facility at 22 Stanley Street, scheduled to open in 2028.[13][14] This followed the company's first student accommodation project at 256 Queen Street, together bringing its committed pipeline to over 1,600 beds.[15]
In June 2026, Precinct agreed to sell a 50 per cent stake in PwC Tower, its Commercial Bay office tower, to Hong Kong-based investment manager PAG in a deal valuing the building at NZ$600 million, described by the company as the largest office transaction in New Zealand history.[16] Precinct will retain a stake in the building and continue as its investment and asset manager; the sale is subject to approval from the Overseas Investment Office and was expected to settle in the first half of the 2027 financial year.[17][18]
Operations and business model
[edit]Precinct Properties operates primarily as a long-term corporate landlord and urban regenerator. While historically focused on commercial office leasing, the company has diversified into retail property management, co-working spaces (under the Precinct Flex/Generator brand), and hospitality. Its reported operating segments include investment properties, flexible space, hotel and hospitality, and investment management, with the majority of revenue generated from investment properties.[19]
In the 2020s, the company expanded its investment scope by entering into joint ventures and capital-partnering arrangements to fund large-scale developments, including residential apartments and student accommodation, alongside its traditional office and retail portfolio.
Properties
[edit]Precinct's portfolio is concentrated in the Auckland and Wellington central business districts. Notable properties include:
| Property | Location | Notes |
|---|---|---|
| PwC Tower / Commercial Bay | Auckland | Completed 2020; Precinct agreed to sell a 50% stake to PAG in 2026[20] |
| Bowen Campus | Wellington | Government office precinct near the New Zealand Parliament Buildings |
| Charles Fergusson Building | Wellington | Government office building[21] |
| AON Centre | Wellington | Commercial office tower |
| Downtown Car Park site | Auckland | Mixed-use waterfront redevelopment; fast-track approval granted August 2026[22] |
| 256 Queen Street | Auckland | 638-unit purpose-built student accommodation tower, under construction[23] |
| 22 Stanley Street | Auckland | 960-bed student accommodation development, part of Carlaw Park Student Village[24] |
Commercial Bay was completed in 2020, transforming the former Downtown Shopping Centre site into a retail precinct anchored by the 39-level PwC Tower office building.[25]
See also
[edit]References
[edit]- 1 2 Precinct Properties Annual Report 2025 (Report). Precinct Properties. 27 August 2025. Retrieved 23 August 2026.
- ↑ "Precinct Properties NZ Ltd & Precinct Properties Investments Ltd (PCT.NZ)". Yahoo Finance. Retrieved 23 August 2026.
- ↑ "Precinct Properties NZ & Precinct Properties Investments Ltd (PCT)". NZX. Retrieved 23 August 2026.
- ↑ Gibson, Anne. "AMP eyes tower for Auckland retail centre". NZ Herald. Retrieved 22 August 2026.
- ↑ "AMP Office buys Akl Downtown mall for $90M". NZ Herald. Retrieved 22 August 2026.
- ↑ "ANZO confirms new name, Precinct | Scoop News". www.scoop.co.nz. Retrieved 22 August 2026.
- ↑ "Board and Executive Team". Precinct Properties. Retrieved 23 August 2026.
- ↑ Hutching, Chris (21 September 2012). "AMP NZ Office buys Auckland's Downtown Shopping Centre". NBR. Retrieved 23 August 2026.
- ↑ "AMP trust spends $90m on waterfront shopping centre". RNZ. 23 September 2012. Retrieved 23 August 2026.
- ↑ Aotearoa, RNZ | Te Reo Irirangi o (29 March 2021). "Precinct Properties paying $215m to end contract with AMP". RNZ. Retrieved 22 August 2026.
- ↑ "Precinct Properties NZ & Precinct Properties Investments Ltd (PCT)". NZX. Retrieved 23 August 2026.
- ↑ "Auckland Downtown Car Park redevelopment granted fast-track approval". 1News. Retrieved 22 August 2026.
- ↑ "Precinct Properties plans 960-unit $290m Auckland University student accommodation block". NZ Herald. Retrieved 23 August 2026.
- ↑ "Next stage of Carlaw Park Student Village set to begin – University of Auckland". www.auckland.ac.nz. Retrieved 22 August 2026.
- ↑ Gibson, Anne. "Property Insider: Auckland getting 1734 new student beds in three towers worth $716m". NZ Herald. Retrieved 22 August 2026.
- ↑ Caillavet, Christopher (17 June 2026). "PAG Buying Half-Stake in $349M Auckland Tower From Precinct". Mingtiandi. Retrieved 9 September 2026.
- ↑ "Precinct sells half stake in Auckland PwC Tower in $600m PAG deal". NZ Herald. Retrieved 23 August 2026.
- ↑ "Half of Auckland's PWC Tower to sell, valued at $600m". RNZ. Retrieved 23 August 2026.
- ↑ "Precinct Properties New Zealand Limited: Shareholders Board Members Managers and Company Profile". MarketScreener. Retrieved 23 August 2026.
- ↑ "Precinct sells half stake in Auckland PwC Tower in $600m PAG deal". NZ Herald. Retrieved 23 August 2026.
- ↑ Steeman, Marta (31 January 2019). "Revamped Charles Fergusson Tower new home for Ministry of Primary Industries". Stuff. Retrieved 4 September 2026.
- ↑ "Auckland Downtown Car Park redevelopment granted fast-track approval". 1News. Retrieved 22 August 2026.
- ↑ "Icon wins $201m Precinct Properties' contract for NZ's tallest new student accommodation tower". NZ Herald. Retrieved 23 August 2026.
- ↑ "Precinct Properties plans 960-unit $290m Auckland University student accommodation block". NZ Herald. Retrieved 23 August 2026.
- ↑ Steeman, Marta (29 March 2021). "Precinct Properties, owner of Commercial Bay, brings management in-house at a cost of $215m". Stuff. Retrieved 22 August 2026.
