Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Todd Property buys Pegasus town development from receivers

Todd Property buys Pegasus town development out of receivership

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 in and around Christchurch and expect there will be strong demand for new homes in Pegasus," managing director Evan Davies said in a statement. "The Pegasus development is a highly attractive offering close to the city, which presents residents with a unique lifestyle in a truly desirable setting."

Pegasus Town was tipped into receivership in August when it defaulted on loan payments and wasn't able to reach an agreement with its lender to continue. The development owed NZ Property Finance Partners $142.8 million, according to the last receivers' report.

The secured lender is a joint venture between Goldman Sachs and Brookfield Asset Management, which bought the debt at a discount last year from Bank of Scotland International as part of a $1.3 billion portfolio in New Zealand.

The Pegasus Town development was the brainchild of Infinity Investment Group's Bob Robertson to build a township within driving distance of Christchurch for 7,000 residents. BOSI came on board in 2005, providing a funding line of $107 million for the first development stage and a further $151 million for the second stage.

Last month, Todd Property bought 28 hectares of land north of Wellington, which it plans to develop into 189 sections and two commercial lots, including a New World supermarket.

According to its website, the company holds a three-quarter stake in the Kapiti Landing development, which includes the Paraparaumu Airport, and has developments in Auckland's Stonefields, Long Bay on the North Shore and Okura, Ngunuru north of Whangarei and the former Napier Hospital site.


(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Quotas: MPI Swoop On Suspected Fraudulent Fishing Activity

Ministry for Primary Industries (MPI) compliance officers swooped on a Hawkes Bay fishing enterprise today to secure evidence in an investigation into suspected fraudulent activity... “The investigation involves activity throughout the commercial supply chain – catching, landing, processing and exporting.” More>>

ALSO:

Scoop Business: Fonterra Slashes 2015 Milk Payout, Earnings Tumble 76%

Fonterra Cooperative Group cut its forecast 2015 milk price payout by about 12 percent, citing weaker global dairy prices and said there is a risk of further declines given strong global milk production. More>>

ALSO:

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news