Tatts Group Limited
(ASX:TTS) has inked an unconditional contract to buy a Brisbane site from construction, mining services and property development group Watpac Limited
(ASX:WTP) for $8 million.
Tatts says it plans to build its new national headquarters on the site at 11 Breakfast Creek Road in Newstead.
Settlement on the deal is scheduled for September.
Watpac chief executive officer Martin Monro says the decision to sell is part of the group's strategy to sell property assets and put capital back into existing businesses.
Mr Munro says the group eliminated its property debt in June, after the sale of $120 million worth of assets in the 2013 financial year.
Tatts generated a net profit of $128.3 million in the first half of fiscal 2013.
