Ann: ASSET: PCT: Precinct sells 80 The Terrace

• Release Date: 02/06/15 10:32
• Summary: ASSET: PCT: Precinct sells 80 The Terrace
• Price Sensitive: No
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					PCT
02/06/2015 10:32
ASSET
NOT PRICE SENSITIVE
REL: 1032 HRS Precinct Properties New Zealand Limited

ASSET: PCT: Precinct sells 80 The Terrace

Precinct Properties New Zealand (NZX: PCT) announced today that it has
entered into an unconditional agreement to sell 80 The Terrace, Wellington,
to a private investor for $36.1 million.

Scott Pritchard, Precinct's Chief Executive, said, "For some time now 80 The
Terrace has been identified as a non-core asset. Following the departure of
major occupier AXA in 2013 the building was largely vacant. At that time we
committed to upgrade the office levels and the lobby and have since completed
6,000 sqm of new leasing, increasing occupancy from 40% in early 2013 to 100%
now. This has enabled us to achieve the sale outcome announced today."

The sale is expected to settle in July 2015. Initially the proceeds from the
sale will be used to repay bank debt and reduce leverage. Following the sale
gearing is expected to sit around 18%.
End CA:00265103 For:PCT    Type:ASSET      Time:2015-06-02 10:32:53