Woolworths Limited has announced one of the largest hotel portfolio sales in Australia’s history.
Subsidiary ALH Group, which is three quarters owned by Woolworths, is conducting a sale and lease back of 54 properties for $603 million.
The transaction includes some of the country’s iconic watering holes across Victoria, Queensland, Western and South Australia.
Woolies CEO Grant O’Brien says it’s in keeping with a company strategy to enter into long-term leases rather than holding property assets.
The retail giant has divested $2.8 billion in property assets since 2010.
Woolworths reported a net profit of $2.4 billion for the financial year ended 30th June 2014.
