May 17, 2011
Source: www.news.com.au
WOOLWORTHS Ltd has sold eight of its retail shopping centre as the supermarket giant continues to divest its property interests.
The sale is expected to bring Woolworths total capital disposal of retail property for the 2011 financial year to about $380 million.
Australia's biggest supermarket player said contracts for eight of its neighbourhood and sub-regional retail shopping centres had been exchanged.
The purchaser is a 50/50 joint venture owned by Charter Hall Retail REIT and Telstra Super, which paid $266 million for the eight properties at an initial yield of 7.94 per cent.
"This continues Woolworths strategy of divesting property it develops as appropriate market opportunities arise," Woolworths said today.
Woolworths director of property Ralph Kemmler said the company received very strong interest in its portfolio sale process, including several offers to acquire the total parcel.
To read the full story, follow this link: www.news.com.au/breaking-news/woolworths-sells-eight-shopping-centres/story-e6frfku0-1226057647737
