Abu Dhabi Investment Authority (ADIA) has sold its entire stake in New Zealand property group Precinct Properties to the trans-Tasman investment bank Jarden Partners for NZ$262m (€147m).
Through its New Zealand company, Haumi, the UAE sovereign wealth fund said it entered into a block trade agreement with Jarden Partners to sell 238m shares in Precinct Properties.
The transaction was at NZ$1.10 stapled security, representing a discount of 8.5% to the last closing price of NZ$1.20 per share.
The parcel accounted for just under 15% of the Wellington-based property company’s total shares on issue, which is described as the largest owner and developer of premium inner city real estate in Auckland and Wellington.
Among its assets are the billion-dollar Commercial Bay Centre on Auckland’s waterfront and the HSBC head office in Wellington.
In a statement to the New Zealand Stock Exchange, Haumi, which was previously a joint venture with the now defunct AMP Capital, said that the sale was expected to take place on 4 March 2024.
AMP Capital and a subsidiary of ADIA set up AMP Haumi Management Limited (AHML) to manage Precinct following its listing in 1997 and through its corporatisation in 2010.
In 2021, Precinct Properties moved to internalise its management and bought the management rights from ADIA and AMP Capital, which was then under a takeover offer from Ares Asset Management.
The pair sold the rights to Precinct for NZ$215m. ADIA subsequently became the sole owner of Haumi.
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