KEY POINTS:
Auckland developer Starline Group has sold its management and share stake in listed real estate investor Kermadec Property Fund.
Starline, run by prominent developer Jamie Peters, quit a 5 per cent stake in the listed business for $3.8 million and sold its half-share of the management for a secret sum.
Kermadec's board said yesterday it had bought Starline out of both the company and management.
Starline had 5 per cent of Kermadec's issued capital, equating to 3,887,460 ordinary shares. Kermadec's manager Augusta paid Starline $1 a share.
Augusta will now own 10.3 per cent of Kermadec's issued capital.
Kermadec listed in December 2006 when Augusta was owned by Mark and Chris Francis who joined Starline's Jamie Peters and Roger Coulson in a 50/50 joint venture arrangement.
That relationship has now ended. Kermadec is the smallest NZX-listed property entity. Its shares closed up 1c yesterday at 72c.
