Australia's Qantas to sell land for $595 mln to cushion pandemic blow

📆 10/15/2021 2:20 AM
📰 Reuters

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Australia's Qantas Airways Ltd said on Friday it had agreed an A$802 million ($595 million) deal to sell land near Sydney Airport to a consortium led by LOGOS Property Group to reduce debt, as the carrier recovers from pandemic lows.

Qantas aircraft are seen on the tarmac at Melbourne International Airport in Melbourne, Australia, November 6, 2018. REUTERS/Phil Noble/File PhotoAdditional land could be purchased, raising deal valueSYDNEY, Oct 15 - Australia's Qantas Airways Ltd

Settlement of most of the lots is expected in the current half ending Dec. 31, the airline said in a statement. The airline said it expected to complete the evaluation of those proposals in early 2022 and if an agreement was reached, it had the potential to raise the total value of the deal to more than A$1 billion.

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