New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

Precinct Properties New Zealand / Equity Bottom-Up

<ul><li>The listed property sector had another strong month in July with a broad based lift in share prices.</li><li>We do not expect any major surprises with rental growth fixed, occupancy stable, and interest costs falling.</li><li>This should support the continued re-rate towards net tangible assets (currently at a -17% discount).</li></ul>

The listed property sector had another strong month in July with a broad based lift in share prices.We do not expect any major surprises with rental growth fixed, occupancy stable, and interest costs falling.This should support the continued re-rate towards net tangible assets (currently at a -17% discount).

Real Estate Reflections Another Step Forward

<ul><li>Precinct (PCT) has entered into a conditional agreement to sell the Intercontinental hotel at One Queen Street for NZ$180m, which is half the total One Queen 1H25 book value of approximately NZ$360m.</li><li>The transaction helps reduce committed gearing by approximately 3% to 37.5%, is accretive to near-term earnings, and removes operational risks associated with running a hotel.</li><li>The deal is conditional only on subdivision being completed, which is expected in 3Q25, and Precinct will retain ownership and management of the remaining property at One Queen Street.</li></ul>

Precinct (PCT) has entered into a conditional agreement to sell the Intercontinental hotel at One Queen Street for NZ$180m, which is half the total One Queen 1H25 book value of approximately NZ$360m.The transaction helps reduce committed gearing by approximately 3% to 37.5%, is accretive to near-term earnings, and removes operational risks associated with running a hotel.The deal is conditional only on subdivision being completed, which is expected in 3Q25, and Precinct will retain ownership and management of the remaining property at One Queen Street.

Precinct (PCT): Sale of Intercontinental Hotel

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

<ul><li>70% of Senior Directors are confident in data centres, showing faith in their reliability and efficiency despite challenges.</li><li>HPL's acquisition of InterContinental Auckland for $102M marks its entry into the New Zealand market, expanding its portfolio.</li><li>Stuart Grant's appointment as head of Hongkong Land's $8B Shanghai project highlights the company's commitment to growth and development in the region.</li></ul>

70% of Senior Directors are confident in data centres, showing faith in their reliability and efficiency despite challenges.HPL's acquisition of InterContinental Auckland for $102M marks its entry into the New Zealand market, expanding its portfolio.Stuart Grant's appointment as head of Hongkong Land's $8B Shanghai project highlights the company's commitment to growth and development in the region.

Asia Real Estate Tracker (06-Mar-2025): 7/10 Senior Directors Confident in Data Centres, But Talent Shortage Will Widen

<ul><li>Precinct's (PCT) 1H25 was slightly below expectations, reflecting a quieter period of activity.</li><li>The core office portfolio continues to perform well with solid rent growth.</li><li>Management fee income was flat, with no significant new capital partnering initiatives. Student accommodation and further apartment project starts are likely the new fee income generators of 2H25/1H26. </li></ul>

Precinct's (PCT) 1H25 was slightly below expectations, reflecting a quieter period of activity.The core office portfolio continues to perform well with solid rent growth.Management fee income was flat, with no significant new capital partnering initiatives. Student accommodation and further apartment project starts are likely the new fee income generators of 2H25/1H26. 

Precinct Properties NZ - 1H25 Result—A Steady Start to the Year

<ul><li>Precinct's (PCT) FY24 result was largely as expected. The core premium office portfolio continues to perform well, with solid rent growth and stable occupancy.</li><li>Fee and co-investment income was slightly below expectations, but this was offset by lower operating costs, with greater capitalisation as development planning ramps up.</li><li>The key positives were continued progress on capital partnering, with a new Wynyard Quarter JV, pipeline and capital progress on student accommodation, and leasing progress on Downtown carpark all announced. </li></ul>

Precinct's (PCT) FY24 result was largely as expected. The core premium office portfolio continues to perform well, with solid rent growth and stable occupancy.Fee and co-investment income was slightly below expectations, but this was offset by lower operating costs, with greater capitalisation as development planning ramps up.The key positives were continued progress on capital partnering, with a new Wynyard Quarter JV, pipeline and capital progress on student accommodation, and leasing progress on Downtown carpark all announced. 

Precinct Properties NZ - FY24 Result — Keeping Active

New Zealand

Precinct Properties New Zealand Ltd. invests in manages and leases commercial office properties. The Company invests in properties in Auckland and Wellington.

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Precinct Properties New Zealand (PCT NZ)

Real Estate Reflections Another Step Forward

The listed property sector had another strong month in July with a broad based lift in share prices.We do not expect any major surprises with...

Forsyth Barr

Precinct (PCT): Sale of Intercontinental Hotel

Precinct (PCT) has entered into a conditional agreement to sell the Intercontinental hotel at One Queen Street for NZ$180m, which is half the...

Forsyth Barr

Asia Real Estate Tracker (06-Mar-2025): 7/10 Senior Directors Confident in Data Centres, But Talent Shortage Will Widen

Senior Directors optimistic about data centres but concerned about talent shortage, HPL acquires InterContinental Auckland for $102M, Hongkong Land...

Asia Real Estate Tracker

Precinct Properties NZ - 1H25 Result—A Steady Start to the Year

Precinct's (PCT) 1H25 was slightly below expectations, reflecting a quieter period of activity. The core office portfolio continues to perform well...

Forsyth Barr

Precinct Properties NZ - FY24 Result — Keeping Active

Precinct's (PCT) FY24 result was largely as expected. The core premium office portfolio continues to perform well, with solid rent growth and...

Forsyth Barr

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