KEY POINTS:
Kermadec has agreed to buy an Auckland office building for $20.5 million.
The 16-level City Rd office was partially funded by the placement of $9.8 million worth of KPF shares with institutional investors at $1.07 per share, increasing Kermadec's portfolio value to $125.7 million.
Kermadec also plans a share purchase plan for ordinary shareholders.
- NZPA