Quattro in Talks to Buy NZ Properties

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Australian fund manager Quattro Asset Management is in negotiations to buy two Auckland industrial assets and two office towers in Wellington and Auckland.

The Sydney-based investor is in talks with Goodman Property Trust to buy its Enterprise Park at Wiri and SuperCheap Auto, part of the Savill Link Estate in Otahuhu.

Auckland-based property investor Goodman said, in a statement on Tuesday, the sale is conditional and is expected to be confirmed later in 2014.

It has been selling non-core assets to fund more than $NZ100 million ($A93.10 million) of new developments it has started in 2014.

Meanwhile, Quattro is looking at buying Precinct Properties’ 125 The Terrace in Wellington and it Auckland SAP Tower, the investor, formerly known as AMP NZ Office, said.

The two properties had a combined book value of $NZ159.4m as at June 30, 2014.

Precinct has expanded its Auckland portfolio, including entering into a development agreement for a commercial office at the new Wynyard Quarter.

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