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Augusta plans KCL deal

Augusta Capital is at “the business end” of a deal to acquire KCL Property’s syndication business, its managing director says.

Thursday, March 6th 2014, 12:00AM

by Susan Edmunds

Mark Francis said no binding agreement has yet been reached between the parties. But it was something that had been worked on for a number of months. “We’re certainly at the business end of the transaction now.”

He said it would continue the growth of Augusta Capital’s funds management business, taking its funds under management from approximately $250 million to more than $1 billion and giving the company a number of synergies and a platform for further growth.

It is intended that, should a transaction proceed, the principal shareholders and directors of KCL will join the Augusta Executive team.

Francis said it would enable Augusta to remove potential its biggest competitor from the market place. The size of the new operation would offer benefits, he said.  “We’d be quadrupling our FUM and there would be big economies that would flow from that.”

While there was some overlap of the investor databases, he said it was not large and the deal would give Augusta a broader investment reach.

KCL’s Australian business also offered the potential for expansion, they said.

It would not make much difference to investors’ day-to-day investments, he said, but it would give August more buying power for insurances and building levies which would flow through to benefits for investors over the long-term.

It would also give Augusta the ability to bring new offers to the market, he said. KCL investors would experience the increased governance that comes from having a limited company as a manager, with a public company board.

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ANZ 5.19 4.15 4.09 4.49
ANZ Special - 3.65 3.59 3.99
ASB Bank 5.20 4.15 4.09 4.39
ASB Bank Special - 3.65 3.59 3.89
BNZ - Classic - 3.65 ▼3.54 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
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Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
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Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
Housing NZ Corp 5.19 ▼4.15 ▼4.09 ▼4.39
HSBC Premier 5.24 3.35 3.35 3.35
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HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.65 3.85 3.95 3.89
Kiwibank 5.80 4.30 4.34 4.74
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.55 3.59 3.99
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.69 4.79 -
Resimac 5.30 4.86 4.14 4.19
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RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.69 3.69 3.99
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.65 3.59 3.99
The Co-operative Bank - Standard 5.15 4.15 4.09 4.49
TSB Bank 6.09 4.65 4.59 4.85
TSB Special 5.29 3.85 3.79 4.05
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.34 - - -
Westpac Special - 3.65 3.59 3.99
Median 5.35 4.15 4.09 4.19

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