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- Release Date: 17/07/12 13:39
- Summary: GENERAL: ARG: ARG settles Christchurch insurance claim
- Price Sensitive: No
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ARG
17/07/2012 11:39
GENERAL
REL: 1139 HRS Argosy Property Limited
GENERAL: ARG: ARG settles Christchurch insurance claim
Argosy is pleased to confirm the settlement of the insurance claim relating
to the Company's property at 12 Foundry Drive in Christchurch. The book value
of the property prior to the Christchurch earthquakes was $12.5 million and
this compares with a net material damage settlement sum of $10 million
(excluding GST and deductible). The value of the residual land and
buildings has been assessed at $4.05 million by CBRE as part of the 31 March
2012 asset valuations.
The settlement proceeds will be used to repay bank debt and will reduce the
company's LVR ratio to approximately 40.9%.
The residual land and buildings, representing the sole remaining asset of the
business in Christchurch, will be marketed for sale.
- ENDS -
Press enquiries
Peter Mence
Chief Executive Officer
Argosy Property Limited
Telephone: 09 304 3411
Email: [email protected]
Dave Fraser
Chief Financial Officer
Argosy Property Limited
Telephone: 09 304 3469
Email: [email protected]
Argosy Property Limited
Argosy Property Limited is the most diversified property fund listed on the
New Zealand Stock Exchange. It has a $899 million portfolio of 64 properties
across the retail, commercial and industrial sectors. The Company has a low
risk focus on quality properties where value can be added and properties
modernised to extend their effective utilisation.
End CA:00225020 For:ARG Type:GENERAL Time:2012-07-17 11:39:46
