- Quattro Plus real estate has spent NZ$33.8 million in a bid to refurbish an Auckland CBD property
- The property, located at 87 Albert Street, holds 7250 square metres in the city’s mid-town area
- By 2024, the property is expected to be across the street from what could be Auckland’s busiest transport hub — a new rail station
- Shares in Quattro are unchanged today on the Australian market, continuing to trade at 96.5 cents each
Real estate company Quattro Plus has dropped NZ$33.8 million to buy up an Auckland CBD property.
The property, 87 Albert street, holds 7250 square metres in the city’s mid-town precinct. It’s located adjacent to a new rail station which is expected to be Auckland’s busiest transport hub upon completion in 2024.
Quattro management stated today the trust has intentions to refurbish the property and hopefully add value to it.
Purchasing the building was funded through a NZ$16.9m expansion to the company’s funding from a commercial banking facility.
The company also underwent a funding increase from a non-bank facility, positioned as a short-term loan.
Quattro said today it plans to repay the short-term loan as priority through a capital raising.
Details of the company’s capital raising will be officially announced in due course.
Quattro believes the Auckland purchase increases its portfolio by roughly $140 million in worth.
Shares in Quattro are unchanged today on the Australian market, continuing to trade at 96.5 cents each. The company’s market cap is currently valued at $56.13 million.