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
- Spark boss ditches *another* Sky decoder
- Hooton: Racism lies behind Little’s kaupapa Maori attack
- Carry on: Xiamen for Auckland, Cathay for Christchurch, Virgin for HK and more
- Hidesight: Advance means retreat for glacier scientists
- Hunter's Corner: Sealegs: an underperforming marine technology innovator
Most listened to
- Business Week in Review with Grant Walker and Andrew Patterson
- Rob Hosking on the politics of protest vs the politics of government
- Rodney Hide: Advance means retreat for glacier scientists
- Stewart Germann and Gehan Gunasekara go head-to-head on the franchising debate
- Racism lies behind Little’s kaupapa Maori attack, says Matthew Hooton