The Todd Property Group has bought one of Canterbury's newest town developments, Pegasus, which was placed into receivership earlier this year.
Pegasus, 25km north of Christchurch in the Waimakariri district, is home to about 600 residents.
It was put into receivership in August over an outstanding loan from Australian financiers Brookfield and Goldman Sachs.
Todd Property Group managing director Evan Davies says the purchase is its only current land holding in the South Island and shows the group's confidence in the strength of the Christchurch residential market.
When completed, the development will house up to 7000 people. It is expected to provide jobs for 1400 people.