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)
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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