The University of Canterbury has settled the remainder of its $550 million insurance claim for damage from the 2010 and 2011 earthquakes.
Just over half the sum had already been paid out or agreed to and today's announcement means the balance would be paid by the end of January next year.
The money would be spent on replacing or repairing buildings, including the Commerce Building.
Vice-Chancellor Rod Carr said it would also allow the South Island university to meet its share of the $357 million science and engineering precinct which the Government is helping to pay for.