Augusta taps Paul Duffy as new chairman when Peter Wilson retires in December
By Jonathan Underhill
Sept. 29 (BusinessDesk) - Augusta Capital, the listed property investor and fund manager, appointed Paul Duffy to its board with the intention of promoting him to chairman when Peter Wilson retires in December.
Duffy would become a director starting on Nov. 2, the Auckland-based company said in a statement. The property investment industry veteran's experience includes 13 years with DNZ Property Fund, which paid some $35 million to Duffy and Alastair Hassell to internalise its management contract.
Duffy has also been an executive at Fletcher Property and was joint managing director of the Abu Dhabi Investment Authority.
Augusta, formerly known as Kermadec Property Fund, owns four commercial properties in Auckland, including the Finance Centre in the CBD, and has been reviewing its portfolio with a view to moving more assets into property syndicates rather than long-term investment.
Augusta shares last traded at 98.5 cents, valuing the company at $86 million, and have climbed 97 percent in the past five years.