Argosy reaches $10m insurance settlement on Chch property

Tue, 17 Jul 2012

July 17 (BusinessDesk) - 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 an...

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