Barnett Sells KCL

Last updated 10:26 21/03/2014
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Bryce Barnett

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The man who rescued the Taranaki Rescue Helicopter, Bryce Barnett, has sold his property investment company for $15million.

Barnett started KCL, which was today sold to Auckland company Augusta Capital, about 20 years ago.

KCL was behind the development of New Plymouth's The Valley and manages more than $750m worth of property in New Zealand and Australia.

Its purchase expands Augusta Capital's portfolio to approximately 170 properties with total funds under management of approximately $1.2 billion.

Barnett said the sale did not mean KCL would be leaving New Plymouth. 

"We are not deserting the ship. We are not leaving. Even though Augusta Capital is an Auckland, publicly listed company, our focus will be to grow our provincial following even more and we will still have a strong New Plymouth base and presence,'' he said.

"It leads to exciting opportunities to introduce more products for a greater range of people under the new regime.

''The current investment structure will carry on as it is. There will be no change in format," he said.

KCL shareholders Barnett and Phil Hinton will join the Augusta Capital executive team.

The acquisition price of $15m for the KCL business comprises $10m in cash and $5m in AUG scrip.

In 2013 Barnett was named ifTaranaki Daily News nf person of the year for his role in bringing the region's emergency chopper back from the brink of financial ruin.

He is also recognised for his tireless contribution to the community and the time he has given to countless trusts in the province.

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- Taranaki Daily News

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