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Quote:
Originally Posted by
Sideshow Bob
https://www.nzx.com/announcements/432289
Precinct Properties Group (Precinct) (NZX: PCT) is pleased to announce today further progress as it advances its strategic growth in the living sector.
Today, Precinct is pleased to announce:
-Precinct’s entry into the student accommodation sector with the acquisition of 256 Queen Street, Auckland to develop a Purpose-Built Student Accommodation (PBSA) facility;
-Growth in Precinct’s residential Build-to-Sell pipeline, with the entry into an agreement with Eke Panuku Development Auckland to conditionally acquire a site at the junction of Dominion Road & Valley Road in Mount Eden, Auckland for a high-density residential apartment development; and;
-Reflecting strategic progress on Precinct’s living sector activities, a move to 100% ownership of Precinct Properties Residential Limited (PPRL), the joint venture established with Tim and Andrew Lamont in 2022.
Nothing here to entice me into buying shares in Precinct. The overriding problem is they are essentially an office landlord and so face the problem of the growth in working from home. Now they are expanding into residential build to sell - with a focus on student accommodation. So that is veering away from property investor to property developer. Lower yield and lower discount to NTA than other property companies so No - not for me.