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Australia's Quattro in talks to buy NZ properties

Australia's Quattro in talks to buy Precinct and Goodman properties

By Suze Metherell

Sept. 30 (BusinessDesk) - Quattro Asset Management, an Australian fund manager, is in negotiations to buy two Auckland industrial assets from Goodman Property Trust and two office towers in Wellington and Auckland from Precinct Properties New Zealand

The Sydney-based investor is in talks with Goodman to buy its Enterprise Park at Wiri and SuperCheap Auto, part of the Savill Link Estate in Otahuhu, Goodman (NZ), the manager of the Auckland-based property investor, said in a statement. The sale is conditional and is expected to be confirmed later this year. Goodman has been selling non-core assets to fund more than $100 million of new developments it has started this year.

Meanwhile, Quattro is looking at buying Precinct's 125 The Terrace in Wellington and it Auckland SAP Tower, the Auckland-based investor, formerly known as AMP NZ Office, said. The two properties had a combined book value of $159.4 million as at June 30. Precinct has expanded its Auckland portfolio, including entering into a development agreement for a commercial office at the new Wynyard Quarter.

Units of Goodman were unchanged at $1.07 and have advanced some 8.6 percent this year, underperforming the NZX 50 Index's 11 percent gain. The stock is rated a 'sell' according to four out of six analysts surveyed by Reuters, and has a median price target of $1.04.

Precinct shares rose 0.5 percent to $1.09 and have gained 10 percent since the start of the year. The stock is rated an average 'hold' according to six analysts surveyed by Reuters, with a median price target of $1.09.

(BusinessDesk)

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