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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.