Precinct bats off interested parties to internalise management
The NZX-listed property investor will pay $215m to bring management in-house.
NZX-listed Precinct Property has purchased its management contract from AMP Haumi Management for $215 million to take control of its cost structure and tie down key staff.
The transaction is expected to provide cost savings of $14.6m a year and be 6% accretive to adjusted funds from operations
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