Watch Australia’s Qantas to promote land for $595 mln to cushion pandemic blow – Reuters Markets & Finance News

Watch Australia’s Qantas to promote land for 5 mln to cushion pandemic blow – Reuters Markets & Finance News

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Watch Australia’s Qantas to promote land for $595 mln to cushion pandemic blow – Reuters Markets & Finance News Youtube HD Video Online

Qantas plane are seen on the tarmac at Melbourne Worldwide Airport in Melbourne, Australia, November 6, 2018. REUTERS/Phil Noble/File Picture

  • LOGOS Property Group main shopping for consortium
  • Extra land might be bought, elevating deal worth
  • Qantas to make use of funds to repay debt constructed up throughout pandemic

SYDNEY, Oct 15 (Reuters) – Australia’s Qantas Airways Ltd (QAN.AX) mentioned on Friday it had agreed an A$802 million ($595 million) deal to promote land close to Sydney Airport to a consortium led by LOGOS Property Group to scale back debt, because the service recovers from pandemic lows.

Settlement of many of the tons is anticipated within the present half ending Dec. 31, the airline mentioned in a press release.

“We’ll use these funds to help pay down debt that we’ve built up during the pandemic,” Qantas Chief Government Alan Joyce mentioned. “The strength of this sale and its impact on our balance sheet means we can get back to investing in core parts of our business sooner.”

Qantas shares had been buying and selling 2.3% increased at 00:00 GMT, forward of a 0.5% acquire within the broader market (.AXJO).

Qantas mentioned it had additionally entered talks with LOGOS about potential future improvement choices for the websites being acquired, together with a devoted precinct for the airline and the sale of extra land close to the tons being bought.

The airline mentioned it anticipated to finish the analysis of these proposals in early 2022 and if an settlement was reached, it had the potential to lift the whole worth of the deal to greater than A$1 billion.

LOGOS mentioned the acquisition was backed by the Abu Dhabi Funding Authority by way of the LOGOS Australia Logistics Enterprise in addition to pension fund AustralianSuper.

It plans to develop the location right into a logistics, e-commerce and final mile logistics hub. On completion, the event is forecast to have an finish worth of A$2 billion, LOGOS mentioned.

($1 = 1.3486 Australian {dollars})

Reporting by Jamie Freed in Sydney and Savyata Mishra in Bengaluru; Modifying by Karishma Singh and Stephen Coates

Our Requirements: The Thomson Reuters Belief Ideas.

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