Pegasus Town's huge sale discount revealed
Todd Property Group bought the Pegasus development near Christchurch for $66 million – a fraction of the more than $150 million owing on the development, a receivers’ report reveals.
Thursday, April 25th 2013, 12:00AM
by The Landlord
Pegasus Town Ltd had planned to refinance a $142 million loan from NZ Property Finance partners but was unable to. It owed another $15 million to other creditors.
Receivers Grant Thornton said there was still almost $90 million owed to NZ Property Finance partners and another $11.9 million to other creditors, but Pegasus Town Ltd founder Bob Robertson rejected that.
He blamed the failure on the global financial crisis, which made it harder to get credit, and the Christchurch earthquakes.
He estimated he had lost 10 years of work and $100 million in potential profits.
The Todds continued the development.
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