Precinct Properties launches SPP to raise NZ$25m for debt reduction, development

Precinct Properties New Zealand Limited and Precinct Properties Investments Limited (Precinct) have announced a Share Purchase Plan (SPP) aiming to raise NZ$25m, with the flexibility to accept oversubscriptions. This initiative is part of a larger equity raise, complementing the NZ$285m already secured through a placement on October 13, 2025. Funds will be used to reduce bank debt, finance a NZ$3.71bn development pipeline including student accommodation, and maintain liquidity.

The SPP allows eligible New Zealand shareholders to apply for New Stapled Shares up to a maximum value of NZ$50,000. Shares will be issued at the lower of NZ$1.23 (the placement price) or a 2.5% discount to the five-day volume-weighted average price of Precinct Stapled Shares traded on the NZX up to the closing date. Applications opened on October 15, 2025, and close at 5:00 PM (NZDT) on October 28, 2025.

New Stapled Shares will rank equally with existing shares, and allotment is expected on November 4, 2025. Scaling may apply if the offer is oversubscribed, based on existing fully paid stapled shares held on the record date of October 10, 2025. The company will notify NZX of any changes, and the new shares are expected to commence trading on the NZX Main Board on the allotment date.