Qantas to sell land to LOGOS-led consortium for $595m to pare debt

Photo: Josh Withers / Unsplash.com

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.

Settlement of most of the lots is expected in the current half ending Dec. 31, the airline said in a statement.

“We’ll use these funds to help pay down debt that we’ve built up during the pandemic,” Qantas Chief Executive Alan Joyce said. “The strength of this sale and its impact on our balance sheet means we can get back to investing in core parts of our business sooner.”

Qantas said it had also entered talks with LOGOS about potential future development options for the sites being acquired, including a dedicated precinct for the airline and the sale of additional land near the lots being sold.

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.

Pension fund AustralianSuper said in a separate statement that it was part of the LOGOS-led consortium.

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.