Half of Auckland's PWC Tower to sell, valued at $600m

34 minutes ago

The PWC Tower in Auckland's Commercial Bay

Precinct Properties is selling 50 percent of the PWC Tower in Auckland's Commercial Bay, valuing the office tower at $600 million.

Precinct chief executive Scott Pritchard said the $300m investment by Hong Kong-based global investment firm PAG (formerly Pacific Alliance Group) will strengthen Precinct's balance sheet ahead of some major investment projects, including the redevelopment of the Downtown Carpark building on the Auckland waterfront.

"This transaction retains Precinct's ownership of a significant stake in a premium asset while further positioning our balance sheet to progress future opportunities as market conditions allow," Pritchard said.