Todd Property buys Pegasus town development out of receivership

Tue, 04 Dec 2012

By Paul McBeth Dec. 4 (BusinessDesk) - Todd Property Group, the property development arm of the country's wealthiest family, has bought the beleaguered Pegasus Town development in North Canterbury out of receivership. The property unit said it expects to complete the Pegasus development in 2015, without disclosing how much it paid. The acquisition is Todd Property's first in the South Island, and represents its confidence in Christchurch's residential market, the company said. "We recognise the need for quality residential housing options...

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