Precinct Prop NZ Ltd & Invest Ltd Stapled Security (NS)

Real Estate

Precinct is the largest owner, manager and developer of premium inner-city real estate in Auckland and Wellington. Precinct is predominantly invested in office buildings and also includes investment in Generator, Commercial Bay retail, third party capital partnerships, and a multi-unit residential development business. For information visit: www.precinct.co.nz Precinct was originated as AMP NZ Office Trust, which was floated and listed on NZX under the symbol of APT since December 1997. In November 2010 it changed its legal structure from a unit trust into a corporate. The company name was changed to AMP NZ Office Limited (ANO) at the same time. In September 2012 the company's name was changed to Precinct Properties New Zealand Limited, with the ticker code PCT. On 1 July 2023, Precinct effected a restructuring to create a stapled group structure. A stapled group comprises two listed parent companies whose shares are held by the same shareholders in equal proportions. The shares in each parent company can only be transferred or dealt with together. Shareholders in Precinct Properties Group (“Precinct”) hold an equal number of shares in Precinct Properties New Zealand Limited (“PPNZ”) and Precinct Properties Investments Limited (“PPIL”) and these shares can only be dealt with together. The stapled issuers are described as “Precinct Properties NZ Ltd & Precinct Properties Investments Ltd (NS)” on NZX systems and the ticker code for the stapled shares remains PCT. Precinct’s investments and income that qualify for the purposes of Portfolio Investment Entity (PIE) status (such as long-term holding of commercial real estate assets) will mainly be undertaken by PPNZ and its subsidiaries, while investments and income that do not qualify for PIE status (such as management income and operational businesses) will mainly be undertaken by PPIL and its subsidiaries.

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