Precinct Properties NZ Ltd & Precinct Properties Investments Ltd (NZSE:PCT), PAG and Ngati Whatua Orakei Whai Rawa Limited agreed to acquire Te Toangaroa portfolio from Warburg-HIH Invest Real Estate on August 14, 2023. Across the two properties, the Precinct and PAG partnership will hold a 56% ownership interest and Ngati Whatua Orakei will hold the remaining 44% interest. Precinct?s initial investment is approximately NZD 10 million.

Precinct will be appointed as Investment and Property Manager to the Joint Venture with the acquisition of the Te Toangaroa Portfolio expected to settle at the end of August 2023.