INDEPENDENT NEWS

On Ground Floor With Precinct In Innovative Deal

Published: Mon 21 Jun 2021 11:17 AM
Chapman Tripp is pleased to be assisting Precinct Properties New Zealand Limited in its $250 million equity raising.
Precinct has agreed to acquire two Wellington office buildings – Bowen House and the Freyberg Building.
The raise is in two parts; a fully underwritten placement of $220m and a retail offer in the form of a supersized share purchase plan offer to raise up $50,000 per beneficial shareholder, representing up to $30m in total with the ability to accept oversubscriptions at Precinct’s discretion.
Jarden Partners is the underwriter and Jarden Securities the sole bookrunner and lead manager. Precinct’s largest shareholder holding 17% of its shares has pre-committed to bid in the placement.
The Chapman Tripp team is led by Roger Wallis and comprises Liam Stoneley and Sara Yacoub.
Because New Zealand banks no longer accept cheques, the offer may only be accepted electronically through the retail offer website www.shareoffer.co.nz/precinct, with all payments by direct credit. There are, therefore, no paper application forms, and shareholders with only postal addresses will simply be sent a letter of entitlement linking to the online only offer document.
Chapman Tripp recently worked with other NZX listed clients Me Today and Savor on similar novel offer structures.
“We’re grateful to Precinct for letting us in on the ground floor of this opportunity,” Wallis said.
“It represents a vote of confidence in the Wellington commercial property market and features some design innovations which make it the sort of work that Chapman Tripp likes to engage with, and has built a reputation for.”
Russell McVeagh is acting for the underwriter and Baker & McKenzie is providing foreign law advice.
Chapman Tripp also had the lead role in advising Precinct in its ground-breaking $150m six year green bond issuance in May 2021.

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