Kermadec Property makes headway on debut

Shares in Kermadec Property Fund gained 2 per cent in their sharemarket debut.

Kermadec issued 61.25 million $1 shares in an initial public offer which closed last Wednesday.

Last night they closed at $1.02 with 95,000 changing hands in 10 trades.

The funds raised will be used to buy seven properties in Auckland, Hamilton and Palmerston North valued at about $100 million.

Kermadec chairman Peter Wilson said the fund was "delighted" with the outcome of the IPO.

He said the board intended to grow and develop a "balanced and diversified" portfolio of non-residential property over time.