We are pleased to have acted for the Bank of New Zealand (in its capacity as agent, security trustee, arranger and lender) in the funding of the Precinct Properties and PAG joint ventures acquisition of 8 Tangihua St and 30 Mahuhu Crescent in Auckland's Te Tōangaroa precinct.
Precinct Properties and private investment firm PAG, have taken a 56% stake in two commercial buildings in the Te Tōangaroa precinct as part of a joint venture with Ngāti Whātua Ōrākei. Ownership of the land will remain with Ngāti Whātua Ōrākei with the investment partnership holding a 123 year prepaid ground lease. The transaction will reposition both assets and enhance the precinct. It will also deliver social benefits, including a scholarship funded by the joint venture, and social procurement outcomes for Ngāti Whātua Ōrākei.
The Buddle Findlay team was led by Partner Paul Farrugia and included Senior Solicitor Jennifer Seo from the financial services team, as well as Partner Tom Bennett and Senior Associate Ed McGimpsey from the construction and property team.
Buddle Findlay worked closely with Client Director Matthew Binns and Senior Associate Georgia O'Connell at Bank of New Zealand, as well as Partner Cathryn Barber and Senior Associate Hayden Reyngoud from Chapman Tripp who acted for the borrowers.
