PHOTO: Auckland Real Estate Trust independent director, Nick Hargreaves rings the bell to commemorate the start of trading Photo: Supplied
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.
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