Precinct Properties

1. Business Name: Precinct Properties New Zealand Limited

2. Former Name(s): AMP NZ Office Trust (est. 1997, listed unit trust); AMP NZ Office Limited (2010–2012)

3. Company Number: 2464010

4. NZBN (Business No.): 9429031565783

5. Incorporation Date: 4 May 2010 (corporatised; previously a unit trust floated in Dec 1997)

6. Company Type: New Zealand Limited Company; Publicly listed on NZX Main Board

7. Stock Ticker: PCT (NZX code)

8. Industry Sector: Commercial real estate (office and mixed-use property investment & development)

9. Headquarters: Auckland, New Zealand (Level 12, PwC Tower, 188 Quay Street, Auckland 1010)

10. Geographic Focus: Auckland and Wellington city centres (owns NZ’s largest premium CBD property portfolio)

11. Group Structure: Stapled dual-company structure (Precinct Properties NZ Ltd and Precinct Properties Investments Ltd) since July 2023

12. Major Subsidiaries: Generator NZ Ltd (flexible workspace provider)

13. Key Business Activities: Owns, develops and manages office towers, retail centres and inner-city mixed-use projects (e.g. Auckland’s Commercial Bay precinct)

14. Total Assets (Portfolio): ~NZ$3.8 billion (estimated value of property portfolio, FY2022)

15. Annual Revenue: NZ$200.3 million (FY2022)

16. Net Profit: NZ$108.8 million after-tax (FY2022)

17. Tax Status: Portfolio Investment Entity (PIE) – utilises stapled structure to split PIE-qualifying income for investor tax benefits

18. Board of Directors: Anne Urlwin (Board Chair); Mark Tume; Nicola Greer; Christopher Judd; Alison Barrass; Chris Meads; Taurua Grant; Chris Meads; plus two Abu Dhabi-based directors representing a major shareholder

19. Executive Management: Scott Pritchard (Chief Executive Officer since 2010); George Crawford (Deputy CEO); Richard Hilder (Chief Financial Officer); Note: CEO Pritchard also serves as National Chair of the Property Council NZ

20. Key Shareholders: Abu Dhabi Investment Council – 14.99%; Accident Compensation Corp (NZ state fund) – 9.20%; Forsyth Barr Investment Mgmt – 7.05%; ANZ Investments – 6.46%; Harbour Asset Mgmt – 5.04% (approximate holdings as of 2025)

21. Political Donations: None disclosed. Precinct’s annual reports state no donations were made in FY2022 or FY2023. (The company has a policy of not contributing to political parties.)

22. Industry Associations: Member of Property Council New Zealand (industry lobby group – Precinct’s CEO is the current National Chair). Also a member of the New Zealand Green Building Council (participates in Green Star sustainability ratings).

23. Lobbying Activity: No registered in-house lobbyist (NZ has no mandatory lobby register). Precinct typically exerts influence via industry submissions and advocacy through the Property Council and direct engagement with officials (e.g. pushing for pro-development planning rules in council plan submissions).

24. Revolving Door & Political Connections: Precinct’s board and advisors include former and current government insiders (but no ex-MPs). Longtime Chair Craig Stobo (2010–2023) had been a government-appointed advisor and was later made Financial Markets Authority Chair. Other directors hold or held public roles (Urlwin chaired NZ Blood Service; Stobo and Tume have chaired public agencies), illustrating close ties to the public sector.

25. Government Contracts: Major landlord to NZ Government. In 2016 Precinct won a large chunk of the Wellington Accommodation Project, securing ~68,000 m² of office leases to Crown agencies on 12–15 year terms. This included long-term leases at Precinct’s Bowen Campus and several other Wellington buildings, in a deal valued around NZ$500 million over the term.

26. Government Relations: Highly intertwined with government. Many central government ministries and departments are anchor tenants in Precinct’s buildings, providing the company steady rental income (and leverage). Precinct executives frequently interface with officials – e.g. CEO Pritchard serves as the Independent Chair of Auckland Council’s City Centre Advisory Board, directly advising on CBD policy. (Such dual roles present potential conflicts of interest between public duties and Precinct’s commercial interests.)

27. Overseas Influence: Significant foreign ownership via Abu Dhabi Investment Council (~15% stake), which has placed representatives on Precinct’s board. This sovereign wealth fund influence in a strategic property company is notable, albeit rarely scrutinised publicly.

28. ESG Commitments: Precinct markets itself as a sustainability leader. It is a signatory to the World Green Building Council’s Net Zero Carbon Buildings Commitment, pledging to decarbonise all its assets by 2050, and aims for carbon-neutral operations by 2030 (for directly controlled buildings). The company publishes annual ESG reports and touts green building ratings, although these initiatives are self-regulated.

29. Official Website: precinct.co.nz (Corporate site with investor information, news, and ESG reports)

Sources:

1. NZX Analysis – Precinct Properties NZ & Precinct Properties Investments Ltd, NZX.com (2025) – History of AMP NZ Office Trust, corporatisation and name change. URL: https://www.nzx.com/companies/PCT/analysis

2. NZ Business Directory – PRECINCT PROPERTIES NEW ZEALAND LIMITED, nzwao.com (2022) – Company registration details (number, NZBN, address, incorporation date, former name). URL: https://www.nzwao.com/companies/precinct-properties-new-zealand-limited/

3. Precinct Properties – Wellington Accommodation Project NZX Announcement, Precinct (2016) – Government lease deal: 68,000 sqm on 12–15 year leases, $213m investment, $380m project cost. URL: https://assets.precinct.co.nz/files/documents/govt-rfp-announcement-final_29-july.pdf

4. Precinct Properties – NZX Announcement continued, Precinct (2016) – Bowen Campus deal described as “the largest leasing transaction…in New Zealand office market” after 3-year negotiation. URL: https://assets.precinct.co.nz/files/documents/govt-rfp-announcement-final_29-july.pdf

5. Point of Order – Integrity Briefing: Lobbying reform battle heats up, Bryce Edwards (2025) – Health Coalition quotes: “policy must serve the public, not just those with money and access”… warning of powerful interests overriding public good (context: lobbying U-turns on smokefree laws, etc.). URL: https://pointofordernz.wordpress.com/2025/04/16/integrity-briefing-lobbying-reform-battle-heats-up/

6. Point of Order – Integrity Briefing: Lobbying reform battle heats up, Bryce Edwards (2025) – Otago Daily Times editorial noted Integrity Institute’s launch of unauthorised register; “Continuing to ignore these issues risks…trust in our democratic process”. URL: https://pointofordernz.wordpress.com/2025/04/16/integrity-briefing-lobbying-reform-battle-heats-up/

7. Wellington City Council – District Plan Hearing Evidence: Precinct Properties (2023) – Precinct’s submission urging plan to enable development: “Proposed Plan does not unnecessarily restrain development” (cites need for flexibility due to costs). URL: https://wellington.govt.nz/…/precinct-properties-new-zealand-limited-(139).pdf

8. Wellington City Council – District Plan Hearing Evidence: Precinct Properties (2023) – Precinct evidence: Wellington must “grow upward”; advocates higher density and easier consents to improve project feasibility. URL: https://wellington.govt.nz/…/precinct-properties-new-zealand-limited-(139).pdf

9. NZ Herald – $3.3b landlord Precinct’s profit falls 29%, Anne Gibson (17 Aug 2022) – Precinct FY2022: $3.3 billion portfolio; revenue $200.3m; net profit $108.8m (down from $179.9m prior year due to lower revaluation gains). URL: https://www.nzherald.co.nz/…/AFI3JJOOPUHBWCYE64F6HVLRZQ/

10. Companies Office via MarketScreener – Precinct Properties – Major Shareholders, marketscreener.com (2025) – Top 5 shareholders: Abu Dhabi Investment Council ~15%; ACC ~9.2%; Forsyth Barr ~7.0%; ANZ Investments ~6.5%; Harbour Asset ~5.0%. URL: https://www.marketscreener.com/…/company/

11. Companies Office via nzwao.com – Precinct Properties – Directors, nzwao.com (2022) – List of directors and appointment dates, incl. two Abu Dhabi-based directors (Al Nuaimi, Bhargava) joining 2013 and 2020. URL: https://www.nzwao.com/companies/precinct-properties-new-zealand-limited/

12. Precinct Properties – Board and Executive Team, precinct.co.nz (2024) – Company leadership: Anne Urlwin (Chair, appointed 2019) and Scott Pritchard (CEO since 2010) profiles; CEO also Chair of Property Council NZ and on Auckland City Centre board. URL: https://www.precinct.co.nz/about-us/board-and-executive-team

13. World Green Building Council – Precinct Properties profile, worldgbc.org (2021) – Precinct as Net Zero Carbon Buildings Commitment signatory: “pledged to decarbonise all of its built assets by 2050 or earlier”. URL: https://worldgbc.org/signatory/precinct/

14. Democracy Project – Property Council of New Zealand, Bryce Edwards (2023) – Notes that PCNZ (Precinct is a member) has a policy of not making partisan donations (like its Australian counterpart). Source: DemocracyProject newsletter

15. RNZ – Unchecked industry lobbying needs regulating, Guyon Espiner (2023) – Investigative series exposing how lobbyists influenced government decisions (e.g. Andrew Kirton lobbying against recycling reforms, then those reforms were dropped). Source: RNZ News report

16. Evening Report – Shining a bright light on lobbyists, Bryce Edwards (21 Mar 2023) – Analysis of NZ’s lobbying free-for-all: “In other countries, such shifts would be illegal… In NZ, it’s so commonplace it’s not even reported on.” (Revolving door commentary)

17. Defsec NZ – Craig Stobo appointed FMA chair, NZ Security Magazine (May 2024) – Background: “Mr Stobo chaired Precinct Properties from 2010 to 2023…chaired PM’s taskforce that led to foreign investor PIEs” (illustrating Stobo’s dual roles). URL: https://defsec.net.nz/2024/05/20/craig-stobo-appointed-fma-chair/

18. Precinct Properties – News: Anne Urlwin appointed Chair, precinct.co.nz (28 Feb 2023) – Notes that outgoing Chair Craig Stobo led Precinct through corporatisation in 2010 and internalising management in 2021 (Precinct’s evolution). URL: https://precinct.co.nz/news/anne-urlwin-appointed-new-board-chair

19. Precinct Properties – About Us, precinct.co.nz (2024) – Company description: “largest owner, manager and developer of premium inner-city real estate in Auckland and Wellington”. URL: https://precinct.co.nz/about-us

20. Electoral Commission / McGuinness Institute – Donations returns analysis (2021) – Confirms Precinct Properties (PCT) had no recorded political donations above disclosure thresholds. Source: McGuinness Institute Working Paper

21. NZ Herald – Political Roundup: Shining light on lobbyists, Bryce Edwards (2023) – Highlights how four of five recent PMs’ Chiefs of Staff were lobbyists, and warns “vested interests… at the centre of decision making”. URL: https://eveningreport.nz/…/bryce-edwards-political-roundup-shining-a-bright-light-on-lobbyists/

22. Scoop News – The Vested Interests Shaping National Party Policies, Bryce Edwards (27 Sep 2023) – Explains how corporate lobbyists and business interests prepare to influence incoming governments; calls for scrutiny of conflicts of interest. URL: https://www.scoop.co.nz/stories/PO2309/S00236… (discusses Steven Joyce and general context relevant to Precinct’s situation).

23. ODT – Editorial: Lobbying for lobbying controls, Otago Daily Times (15 Apr 2025) – Calls for a lobbying register; notes Integrity Institute’s unofficial register launch (media support for transparency). Referenced in Point of Order blog

24. Property Council NZ – Precinct leads industry with WorldGBC pledge, propertynz.co.nz (2021) – Precinct committed to net zero carbon for all directly managed buildings by 2030 (corporate press release on ESG). URL: https://propertynz.co.nz/media-releases/precinct-leads-industry-worldgbc

25. Transparency International NZ – Low Corruption Myth – Lobbying & Donations, transparency.org.nz (2022) – Report highlighting how unregulated lobbying and political donations in NZ allow vested interests to wield influence outside public view (contextual analysis relevant to Precinct’s case).

26. Newsroom – Govt criticised for go-slow on lobbying reform, Newsroom.co.nz (2023) – Opinion piece arguing that corporate lobbying now far outweighs voter influence in NZ, with nearly every decision seen as serving some vested interest.

27. RNZ – Bryce Edwards: Victory for transparency in lobbying reforms, RNZ.co.nz (2023) – Reports PM’s order for a review of lobbying regulation; credits public pressure and watchdog efforts (indicates change may be coming to shine light on firms like Precinct).

28. Companies Office – Shareholder Info, companies-register.companiesoffice.govt.nz (2025) – Precinct shareholding structure post-2023 stapling: investors hold equal shares in Precinct Properties NZ Ltd and Precinct Properties Investments Ltd (explains group structure for clarity).

29. Precinct Properties – Contact Information, precinct.co.nz (2025) – Corporate contacts confirming website domain and office addresses. URL: https://precinct.co.nz/contact

Spot anything in this entry that is wrong? Please either leave a comment at the end or email, in confidence: bryce@democracyproject.nz