Business & Investment

Australian Qantas sells land for $ 595 million to mitigate a pandemic blow Reuters

© Reuters. File Photo: Cantus Aircraft can be seen at the Melbourne International Airport parking lot in Melbourne, Australia, on November 6, 2018. REUTERS / Phil Noble / File Photo

Sydney (Reuters)-Australia’s Qantas will sell land near Sydney Airport to a consortium led by the LOGOS Property Group to reduce debt as it recovers from the pandemic downturn of A $ 802 million (5). He said he had agreed to a deal of $ 995 million).

The airline said in a statement that most parcels would be settled in the first half of this year by December 31st.

“We will use these funds to repay the debt we have accumulated during the pandemic,” said Alan Joyce, Qantas CEO. “The strength of this sale and its impact on the balance sheet means we can quickly return to investing in the core of our business.”

Qantas also said it has entered into talks with LOGOS on potential future development options for the site to be acquired, including the sale of additional land near the airline’s private district and sold parcels.

The airline plans to complete the evaluation of these proposals in early 2022 and said it could raise the total transaction value to over A $ 1 billion if an agreement is reached.

The pension fund Australian Super said in another statement that it is part of a LOGOS-led consortium.

($ 1 = 1.3486 Australian dollars)

Disclaimer: Fusion media We inform you that the data contained on this website is not necessarily real-time or accurate. All CFDs (stocks, indices, futures) and forex prices are offered by market makers, not exchanges, so prices may not be accurate and may differ from actual market prices. In other words, price is an indicator and is not suitable for trading purposes. Therefore, Fusion Media is not responsible for any transactional losses that may occur as a result of using this data.

Fusion media Alternatively, anyone involved in Fusion Media will not be liable for any loss or damage resulting from relying on the data, quotes, charts, trading signals and other information contained on this website. Please be fully informed about the risks and costs associated with financial market transactions. This is one of the most risky forms of investment possible.



Australian Qantas sells land for $ 595 million to mitigate a pandemic blow Reuters

https://www.investing.com/news/stock-market-news/australias-qantas-to-sell-land-for-595-million-to-cushion-pandemic-blow-2644586 Australian Qantas sells land for $ 595 million to mitigate a pandemic blow Reuters

Back to top button