Sharechat Logo

Argosy reaches $10m insurance settlement on Chch property

Tuesday 17th July 2012

Text too small?

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

Father's Day SOON! Crazy Deals on ALL IRG Yearbooks - More than 50% OFF - $19.99 for 44th IRG Yearbook 2018-2019


  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Argosy buys Wiri property for $38 mln
Argosy directors seek 31% hike in fee pool to expand board
Argosy raises $86.9M in rights issue, bookbuild to fund acquisitions
Argosy Property to raise $87M in 1-for7 rights issue at 89 cents apiece
Argosy lifts FY profit after year-earlier charges, property income falls
Argosy to raise $100M for Wellington building purchases
Argosy boosts first-half earnings 29% as benefits of internalisation kick in
Argosy Property cuts borrowing costs, lifts size of bank facility
Argosy gets book value for sale of Wakefield St site
Argosy sells vacant Albany site at small discount to valuation