Qantas lists $500m portfolio
Qantas can expect c$500 million selling five surplus sites near the Kingsford Smith Airport.
All up the properties spread 13.8 hectares; they front Coward and King streets, and Kent Road.
Some of the assets have been held since the 1960s.
The priciest investment is a 3.9ha distribution centre with a 21,795 square metre warehouse; it is being offered with a 10-year leaseback and could fetch $165m.
Other properties are being marketed with rental agreements between one and three years.
The move to sell comes two months after Qantas concluded an investigation into its accommodation, where one of the options was relocating from its Mascot headquarters, on Bourke St.
Value can be unlocked: Qantas
Sale proceeds would be used to repay debt (story continues below).
“In the current climate, we’re obviously looking more closely at what is core and what is non-core and the reality is that we don’t need this land for any of our long-term strategic goals,” Qantas chief financial officer, Vanessa Hudson, said.
“We’ve owned some of this land for more than 50 years and much of it is currently used for car parking,” she added.
“Given how Mascot has developed over that time, there’s a lot of value we can unlock by selling it”.
Qantas is being represented by Colliers’ Michael Crombie who will close an expressions of interest campaign on September 1.
The assets are for sale as a portfolio or individually.
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