The stock exchange has welcomed its fourth new listing this year, although it was a quiet debut, it was not traded.
Australian based and listed Auckland Real Estate Trust, formerly known as Quattro Plus Real Estate, has listed as a foreign exempt company as a means of expanding business and gaining investors.
The trust had a bid price of 86 cents per share and a reference price of 79 cents.
It specialised in investing and developing inner city properties into boutique co-working spaces which catered to small to medium sized businesses.
It had seven properties in Auckland, including a handful around the Viaduct Harbour, and one in the United States which would be divested next year.
Trust chief executive Andrew Saunders said it dual listed to make it easier to access capital to fund future growth and focus on its New Zealand operations in the short to medium term.
He said the Auckland commercial property market was attractive.
“Its statistics in terms of vacancy, rental growth, relative price in terms of cost per square meter of office building, [the] yield that you could buy office buildings at, the underlying performance of the New Zealand economy, are all really positive factors.”
Despite the focus on New Zealand and having no Australian properties in its portfolio, the company had no plans to delist from the Australian share market.
The company did plan raise money next year and was already on the hunt for new acquisitions.
“One of the things we really like about Auckland is it’s got a lot of older buildings that can be acquired and repositioned, and that’s the sort of thing we love to do,” Saunders said.
“We have a long list of buildings targeted and identified in Auckland that we would like to buy, we don’t know whether we can buy them or not, we don’t know if the sellers wish to trade them, but we are extremely active in the market.”
The head of the stock exchange, Mark Peterson, said Auckland Real Estate was a welcome addition.
“It’s going to bring a different type of investor base to their market.
“They’ve got strong presence in Auckland now and they want to build on that…we’re really excited to help them showcase that story, I think it has a lot of opportunity.”