Ex-Pegasus owner leaves $100m debt

Creditors have been left more than $100 million out of pocket following the demise of the company that built Pegasus town.

Pegasus Town Ltd, owned by Wanaka-based developer Infinity Group and a group of Otago investors, was liquidated this year after defaulting on $157m of loans and other debts accrued in developing the North Canterbury town.

Its biggest creditor was NZ Property Finance Partners, a consortium of Australian company Brookfield Group and investment bank Goldman Sachs. The consortium got back some of its outstanding $142m loan to Pegasus Town Ltd when receivers sold the project to Todd Property Group for $66m in 2012.

A Todd subsidiary now owns the town’s commercial and recreational land and unsold sections, and has continued to develop it.

The liquidators of Pegasus Town Ltd have now filed their final report and given notice of deregistering the company. The report said there were no assets or cash available following its sale.

The company’s outstanding debts total $101.4m. In addition to NZ Property Finance Partners, creditors include two liquor companies, sporting goods manu- facturers and suppliers of legal, public relations, advertising, accounting, landscaping and real estate services.

Pegasus Town Ltd and Infinity Group were founded by Wanakabased property developer Bob Robertson, who died last year. Infinity is selling its other planned Canterbury development – the Ravenswood subdivision opposite Pegasus – and is concentrating on smaller projects in Central Otago.

Pegasus now has over 2000 residents and had been designed for 4500. Amenities include a primary school, golf club, lake, store and cafe.