Not much mention on these boards of this one. I reckon that it should get up to $1.20 before too long. PFI, KIP etc have all rallied due to the new tax rules coming in, whereas KPF not far from issue price.
I have bought a few anyway, after reading this (from Monday's Herald)-I know that For-Barr have a vested interest as they underwrote the issue, but it makes sense to me............

The fledgling Kermadec Property Fund has been recommended by a broker after a tax overhaul which will make listed real estate vehicles more attractive.

Jeremy Simpson, of Forsyth Barr Research, gives a buy recommendation for the new company, saying its unit price is expected to rise.

Kermadec would benefit from the new portfolio investment entity (PIE) regime, he said.

Listed property vehicles are expected to qualify for PIE status by October this year, following the introduction of a new law in December which will see investors keep more dividends and pay less tax.

Simpson said Kermadec had good prospects.

"Kermadec is trading at a larger-than-expected discount to the listed property vehicle sector, and we see upside as it develops a listed track record. We also expect further upside for the sector once the positive aspects of the PIE regime are fully understood."

While other property entities had been re-rated with unit price rises, Kermadec was yet to benefit.


"Kermadec has significantly and unjustifiably lagged its listed peers in terms of the PIE market re-rating to date," Simpson said. Its share price was trading at around net tangible asset value, which he said was unusual in a sector that was now largely trading at solid premiums to asset backing.

Kermadec listed in December.