Woolworths Limited
(ASX:WOW) is preparing to spin off a $1.4 billion property fund called the Shopping Centres Australasia Property Group, according to reports.
According to Fairfax Media the move comes after months of planning and is expected to be met with great enthusiasm from property fund managers.
The Shopping Centres Australiasia Property Group will aim to recruit a board full of significant business people, headed by former Minter Ellison chief executive Philip Clark.
The establishment of the group would de-merge 70 shopping centres and launch capital raising of up to $500 million.
The supermarket chain is expected to announce the move by Friday.
Woolworths achieved a full year net profit of $1.82 billion for fiscal 2012.
