Qantas offloads 13.8 hectares of real estate near Sydney Airport.
Qantas has just confirmed binding agreements with a consortium led by LOGOS Property Group for the sale of a large parcel of land in Mascot.
Most of the $802 million deal is expected to be settled before Christmas, with the funds to be used to “reduce debt and accelerate the airline’s recovery”.
Qantas said it had entered into discussions with LOGOS about potential future development options for the sites being acquired, including the creation of a dedicated precinct for the airline.
The sale follows a review of the airline’s property footprint initiated earlier this year which indicated there was no long-term need for Qantas to develop the property. However portions will be leased back for a period of time while arrangements are made to relocate some of the operations it’s currently being used for.
More details in today’s issue of Travel Daily.