Russell McVeagh is pleased to have advised Precinct Properties on the sale of a 50% interest in Auckland’s PwC Tower and the establishment of a new investment partnership with PAG, a leading global investment firm.
PwC Tower is widely regarded as Auckland’s best premium office building, developed by Precinct as part of the first stage of the Commercial Bay development which completed in 2020.
The transaction, which values the premium Commercial Bay office tower at NZ$600 million, will see Precinct retain a 50% interest and continue as investment and asset manager for the asset.
The sale forms part of Precinct’s broader capital partnering strategy, enabling it to recycle capital while maintaining exposure to one of Auckland’s flagship premium office assets.
Russell McVeagh advised on all aspects of the transaction, reflecting the firm’s strength in complex real estate and capital partnership arrangements.
The team was led by partners Ed Crook and David Raudkivi, supported by Rory Pryce, Cici Davie and Oliver Fradd.
