2 Apr 2012

KIP trust says $69m payout `satisfactory'

7:13 pm on 2 April 2012

Listed company, Kiwi Income Property Trust, says that it has reached an initial agreement with insurers about earthquake damage to its PriceWaterhouseCoopers Centre in Christchurch.

Kiwi Income Property's chief executive, Chris Gudgeon, says the $69.3 million cash settlement is satisfactory and gives it flexibility to move on.

Mr Gudgeon says the company hasn't decided whether it will re-invest the money in office space, or in Christchurch.

"We're ... waiting on an outcome in terms of the central city plan,'' he says. "It has been approved by the Christchurch City Council, but hasn't yet been approved by CERA (Canterbury Earthquake Recovery Authority).