Argosy in $10m insurance settlement on quake property

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BUSINESSDESK: Argosy Property saysit has reached a $10 million insurance settlement on its quake-hit Foundry Drive, Christchurch, property.

The former trust said the property's book value before the Christchurch quakes was $12.5 million and the $10 million is a net material damage settlement, excluding GST and deductibles.

CBRE valued the residual land and buildings at $4.05 million as part of the company's March 31 asset valuations. Argosy plans to market these for sale.

“The settlement proceeds will be used to repay bank debt and will reduce the company’s LVR (loan-to-valuation) ratio to approximately 40.9%,” it said.

Argosy shares rose 0.6% 89 cents, their highest level since 2008.

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1 Comment & Question

Commenter icon key: Subscriber Verified

The usual professional and business-like look and feel in line with its status as The National Business Review. However, the site is quite “pushy’ in putting its request for Multi Online Subscription Offer at the very top. Though to be fair, it does give the option of hiding this offer message to the visitor.
Attention grabbing headline with the number $10 million and settlement on quake property. Settlement verdict on most matter is quite an everyday news but not settlement on quake property. With many earthquakes happening in various part of the world, this is indeed a very useful article for most visitors.

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