Successful completion of $130 million placement

Precinct Properties New Zealand Limited (Precinct) (NZX: PCT) advises that it has successfully raised $130 million through the placement which forms part of the $150 million capital raising announced on 19 February 2019. The final price under the placement was $1.48 per share. Scott Pritchard, Precinct's CEO said "We are pleased with the support shown by our existing shareholders and are pleased to welcome new investors onto our share register. The strong investment demand we have received ensures we are well positioned to deliver our future opportunities and further endorses our business and long term strategy." "We are pleased to be offering a similar opportunity to our retail shareholders to participate in the equity raising, through a fully underwritten Retail Share Offer where each New Zealand resident shareholder will be able to apply for up to $50,000 of new shares at the same price as the placement, $1.48." "The funds raised will be used to repay bank debt and provide additional capacity to deliver on medium term opportunities including Bowen Campus Stage Two and Wynyard Quarter Stages Three and Four, and provide flexibility for growth opportunities when they arise." Settlement and allotment of the new shares issued under the placement is expected to occur on 22 February 2019. Retail Share Offer opens on Friday Eligible New Zealand resident shareholders will receive their personalised application forms to apply for up to $50,000 of new shares at the same price as the placement ($1.48) from 22 February 2019. Shareholders can apply online at www.shareoffer.co.nz/precinct until 5.00pm on 5 March 2019. Record Date 5.00pm (NZ time) 18 February 2019 Announcement of the Offer 19 February 2019 Offer Document, Application Forms sent to be sent Eligible Shareholders 22 February 2019 Opening Date for the Offer 22 February 2019 Closing Date for the Offer (last day for online applications, or for receipt of the Acceptance Form, with payment) 5 March 2019 Allotment of New Shares under the Offer (Issue Date) and trading commencement of New Shares 11 March 2019 Payment date for next dividend following Offer 27 March 2019 These dates are subject to change and are indicative only. Precinct reserves the right to amend this timetable (including by extending the Closing Date of the Offer) subject to applicable laws and the Listing Rules. Precinct reserves the right to withdraw the Offer and the issue of New Shares at any time before the Issue Date at its absolute discretion. Precinct shares will recommence trading upon market opening today. End CA:00330782 For:PCT Type:OFFER Time:2019-02-20 08:31:12