26 Mar 2012

Kermadec Property Fund to change name

7:54 am on 26 March 2012

Kermadec Property Fund is to change its name following approval for a $7 million deal to manage its portfolio itself.

The property firm, which owns five commercial properties worth $100 million, will become Augusta Capital from 2 April.

The Shareholders Association expressed concern about the deal to bring the management of the properties in-house, because of the cost and that Mark and Chris Francis ran both Kermadec and owned the previous manager, Augusta Funds Management.