An unknown buyer has entered into an agreement for to acquire 50% interest in the ANZ Centre in Auckland from Precinct Properties New Zealand Limited for approximately NZD 180 million.

An unknown buyer has entered into an agreement for to acquire 50% interest in the ANZ Centre in Auckland from Precinct Properties New Zealand Limited (NZSE:PCT) for approximately NZD 180 million on February 9, 2021. The transaction remains subject to regulatory approval with settlement expected in April 2021. This capital recycling initiative will see proceeds from the sale used to repay bank debt and reduce leverage.

Including both the ANZ Centre sale and the preliminary revaluation movement, gearing as December 31, 2020 is anticipated to be around 26%. As of April 15, 2021, the conditions of transaction have now been satisfied and accordingly the agreement is now unconditional. Settlement is scheduled for mid-May 2021.