Argosy reaches $10m insurance settlement on Chch property

Argosy Property said it 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 deductible.

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 percent," it said.

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

BusinessDesk.co.nz

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