Precinct and Singaporeans snap up Auckland’s ASB North Wharf for $205 million
Tuesday, 27 January 2026
An award-winning North Wharf office property in Auckland’s Wynyard Quarter has changed hands from one NZX-listed property company to another.
Kiwi Property has announced an agreement to sell ASB North Wharf to Precinct Properties Group's Pacific Investment Limited Partnership for $205 million.
The sale of the property to the partnership represented a 3.3% discount to the property's September 2025 book value.
ASB North Wharf is a seven-level, 21,621 m² office building that was completed in 2013 by Kiwi Property specifically for ASB.
Designed by architecture practices BVN Donovan Hill and Jasmax, it won the 2014 New Zealand Architecture Medal and was described by judges as an “ambitious experiment in commercial architecture”.
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Last year, Kiwi Property confirmed that ASB had extended its lease at North Wharf by nine years to 2040, and the extension of the lease helped to position the property for a successful sale, it said.
As part of the sale, Kiwi Property will complete $2.2m in remaining capital works at the property, while the partnership would take responsibility for additional expenditure associated with the extension of the lease.
Kiwi Property chief executive Clive Mackenzie, said the sale was a significant milestone for the company’s capital recycling programme.
It was the company’s third sale in the last three months, coming after the sales of Sylvia Park Lifestyle and The Plaza in Palmerston North, and will reduce its pro-forma gearing to 30.9%, he said.
“It presents an opportunity for reinvestment into further growth initiatives, including potential acquisitions and development at our key mixed-use assets.
“Our balance sheet was now strongly positioned to support growth, aligning with a property market that is showing clear signs of recovery.”
The Pacific Investment Limited Partnership was an existing one between Precinct and Singapore sovereign wealth fund GIC, established in 2022. Precinct has a minority 24.9% ownership interest in it.
Precinct chief executive Scott Pritchard said the purchase aligned with the partnership’s strategy to invest in high-quality, well-located commercial assets.
ASB North Wharf was a highly sustainable, prime grade asset, and once the sale was settled the value of the partnership would increase to about $0.9 billion, he said.
“Around 80% of the portfolio by value is located in Auckland and the remainder in Wellington. Precinct will continue to manage the expanded partnership under the existing investment management agreement.
“This is a strong endorsement of the Wynyard Quarter precinct, and we look forward to working with ASB as they refresh their premises to reflect their workforce’s needs.”
Precinct Properties has previously demonstrated its commitment to the Wynyard Quarter, with its $500 million Wynyard Quarter Innovation Precinct development that was completed last year.
The ASB North Wharf sale was conditional on Overseas Investment Office approval, but settlement was expected in the first half of 2026.
But the property’s $205m price tag dwarfed the big commercial property sale prices seen in the Auckland CBD last year.
Precinct Properties sold the 139-room InterContinental Hotel at One Queen Street to Singapore-based Hotel Properties Limited for NZ$180m in March.
The 225-room Hotel Indigo on Albert St was picked up by Malaysian infrastructure and investment giant YTL Corp for NZ$160m in September.
And Quattro Group bought four connected buildings, including the city’s former Finance Centre, on the Victoria St West block beside the street’s intersection with Albert St, for NZ$104m in July.