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Woolworths sells first Australian property in its bid to reduce debt

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CEO Roy Bagattini says sale ‘is one of several initiatives under way as part of the capital structure review of the Australasian businesses’

Woolworths has sold one of its buildings in Australia, calling it the “first milestone” in its strategy to offload property to pay off debt.

Woolworths reported in May that it had picked global investment banking group UBS to help it review the Australian property portfolio, with the intention of using any proceeds from sales to reduce company debt.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

 

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