Bell Gully has advised leading global investment firm PAG on its agreement to establish a new investment partnership with Precinct and acquire a 50% interest in the PwC Tower in Auckland.
The new partnership will acquire PwC Tower at a headline price of NZ$600 million from Precinct. The premium office building is part of the Commercial Bay development, completed in 2020, and is regarded as one of Auckland’s most well-known, iconic office buildings.
Under the transaction, Precinct will retain a 50% interest in the asset and will be the investment and asset manager for the new partnership. The transaction remains conditional on OIO approval.
Partner Ian Becke said the firm was delighted to have had the opportunity to support a transaction involving one of Auckland’s landmark commercial office buildings. “This investment is the next step forward for a development which has played a significant role in revitalising Auckland’s CBD in recent years,” he said.
Bell Gully’s role included advising PAG on all aspects of the transaction, which encompassed real estate and corporate matters, the establishment of the investment partnership and the acquisition structure. The team advising PAG included partners Ian Becke, Chris Hodges and Andrew Petersen, assisted by special counsel Elena Chang, senior associates Charles Wong and Jan Chen, lawyers Jack Chaplow and Kate Johnson, and graduates Robbie Woodward and Jasmine Goodwin.
Bell Gully advises on complex cross-border investments, real estate transactions and capital partnerships across New Zealand’s commercial property sector.
Disclaimer: This publication is necessarily brief and general in nature. You should seek professional advice before taking any action in relation to the matters dealt with in this publication.
