Wesfarmers considers $700 Million partial spin-off of Coles real estate
Wesfarmers will potentially spin off around 25 of its Coles Supermarket properties by the end of 2012, valued at around $700 Million.
It has been reported that Wesfarmers has enlisted investment banks Goldman Sachs Group Inc. and Royal Bank of Scotland Group Plc to advise the company, and restructure the property strategy to support future Coles developments.
It is said that Coles will keep a stake in the venture to stay ‘in control’, unlike competitor Woolworths which unveiled its $1.4 Billion SCA Property Group earlier in October. Australian Food News reported that the Woolworths spin off would include 69 stores across Australia and New Zealand.
The Wesfarmers spin-off news has been met with strong investor support, as shares rose 1.1 per cent higher compared to the broader market which rose just a few points.
Wesfarmers, mainly through its Coles division, currently owns 744 supermarkets, 794 liquor outlets, 625 Coles Express stores and 92 hotels Australia-wide.
Cinnabon, the market leader among cinnamon roll bakeries, is opening its first Victorian store at W...
Independent supermarket wholesale group, Metcash, is expected to finalise its acquisition of Woolwor...
Australian doctors are calling for people to be more aware of iron deficiency, saying it is more com...
With one million more Australians expected to spend Christmas at home this year[1], Coles is helpin...
Aldi has taken home the highest number of supermarket wins at the 2018 Product of the Year Awards.
A two-year brand transformation intended to reinvigorate the Subway experience has seen the brand n...
EBay has barred sellers on its platform from using Amazon’s fulfillment service for delivery of thei...
After a spectacular debut in Brisbane last year, Food & Hospitality Queensland returns to the B...