FilingReader Intelligence

Precinct: Debt Halted Securities Now Funds Growth

October 12, 2025 at 07:49 PM UTCBy FilingReader AI

Precinct Properties Group is undertaking a NZD 310 million equity raise, comprising a fully underwritten NZD 285 million placement and a non-underwritten share purchase plan targeting NZD 25 million. This capital infusion is intended to repay bank debt and support Precinct's NZD 3.7 billion growth pipeline, which includes premium office and living sector projects.

A key allocation of the funds will be a NZD 201 million, 638-bed purpose-built student accommodation development at 256 Queen Street, Auckland, anticipated to open for the 2029 academic year. This project expands Precinct's total committed student accommodation pipeline to 1,602 beds across two sites.

Following the equity raise, Precinct projects its pro forma gearing to decrease to 33.2% from 41.6% as of June 30, 2025. The company reconfirmed its FY26 dividend per share guidance of 6.75 cents, with updated funds from operations guidance ranging from 7.30 to 7.50 cents per share, reflecting the net impact of the capital raise.

This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com

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