Precinct Properties launches $310m equity raise to fund growth pipeline

“Precinct’s premium office portfolio continues to outperform in terms of occupancy and rental growth,” he said.

“We have a proven track record of developing world-class real estate, and we have positioned our business for growth through our development and capital partnering strategies,” he said.

Precinct is targeting $4-5b of capital partnerships over the next three to five years.

The equity raise was expected to increase flexibility to progress Precinct’s pipeline of development opportunities, including the facility at 256 Queen Street, planned development of Downtown Car Park, residential build-to-sell projects and other growth opportunities.

Following the equity raise, the company’s pro forma gearing wold be 33.2%, down from 41.6% as at June 30, 2025.

The dividend per share guidance provided at the full-year result of 6.75 cents per share for 2026 was consistent with 2025, reflecting a funds from operations payout ratio of 90-92%.

Precinct said the $285m placement would be conducted today through a book build in which institutional and other select investors in New Zealand, Australia and certain other jurisdictions would be invited to participate.

Jamie Gray is an Auckland-based journalist, covering the financial markets, the primary sector and energy. He joined the Herald in 2011.