PCT - Precinct announces hotel sale at One Queen Street

Wednesday 5th March 2025

Precinct Properties Group (NZX: PCT ) is pleased to announce that it has entered into a conditional agreement to sell the hotel at One Queen Street in Auckland for $180 million.

Scott Pritchard, Precinct's Chief Executive, said, "Initially purchased in 2012 and comprehensively redeveloped by Precinct, One Queen Street has been a unique adaptive reuse project for our business which has further solidified Precinct’s role in creating a world-class waterfront destination on par with other global cities. Our ambition was to create a fully integrated second stage of Commercial Bay and we are proud to have achieved this through the design outcome and seamless connection this building offers the wider precinct.

The sale of the hotel demonstrates the strong endorsement of Commercial Bay, and the quality of the hotel located at this asset. Opened in early 2024 and operated by one of the world's most recognised luxury hotel brands, InterContinental, the hotel has enhanced the Commercial Bay precinct through the diversity of mix and activity. The hotel has added significant value to Commercial Bay, and we are committed to working closely with the new owners to continue to deliver an outstanding experience for locals and visitors across the broader Commercial Bay precinct.”

The purchaser is wholly-owned by Singapore Exchange (SGX) listed, Hotel Properties Limited (“HPL”). HPL is an established owner, operator and developer of hotels, resorts and shopping galleries in diversified locations across 17 countries. The Group has interests in 41 hotels under prestigious hospitality brands including InterContinental Hotels Group.

Following the settlement of this transaction, Precinct’s committed gearing will reduce by circa 3%. This sale is consistent with Precinct’s business strategy and enables the recycling of capital to ensure Precinct is well-positioned to deliver on the next phase of its strategy execution.

This transaction remains conditional only on subdivision being completed which is expected to be in Q3 2025. Post completion of the subdivision, Precinct will retain ownership and management of the balance of the property not being divested at One Queen Street, with the hotel sale to include the office space on levels 3 to 5.

Ends

Precinct Announces Hotel Sale at One Queen Street

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