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.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- NZ dollar gains as upbeat data across Asia spurs US dollar selling
- Will Hellaby's lumpy contract oil and gas business finally deliver?
- Key leads move against fossil fuel subsidies at Paris climate summit
- Opportunity to own a slice of prehistoric New Zealand
- Snakk boss disappointed at static share price
Most listened to
- Hellaby’s oil & gas services business could deliver this year, says new managing director Alan Clarke
- Hamish McNicol talks about Yoghurt Story
- TrueNet's John Butt on internet speeds
- Snakk Media chief executive Mark Ryan wonders how to "move the needle" on Snakk's share price
- Head-to-head: Federated Farmers director Katie Milne and SAFE executive director Hans kriek debate dairy industry's treatment of bobby calves