Precinct Properties New Zealand Limited and PAG agreed to acquire 40 and 44 Bowen Street in Wellington for NZD 240 million on November 29, 2022. The completion of 44 Bowen Street, anticipated mid-2023. PAG will have an 80% interest with Precinct holding a minority interest of 20%.

The formation of a new joint investment partnership with a committed and experienced partner like PAG represents a further exciting step for Precinct Properties. The sale of 40 and 44 Bowen Street to the joint investment partnership is subject to certain conditions being met including regulatory approval and practical completion of 44 Bowen Street, prior to expected settlement in mid-2023.