Supermarket chain Woolworths Ltd has refused to comment on reports that it is considering the sale of its A$1bn (US$753m) chain of national distribution centres, according to the Australian Associated Press.
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Woolworths has appointed investment bank JP Morgan to advise on the likely sale and lease-back of about 11 distribution centres in Australia, AAP said, citing a report in the Australia Financial Review.
The news comes after the retail giant’s purchase of supermarkets from Foodland Associated and the takeover of Australian Leisure and Hospitality.
The sale of the distribution centres would follow a string of property sales by major companies looking to increase returns to shareholders and focus on their core business by restructuring their balance sheets.
Coles Myer, David Jones, Foster’s Group, Telstra and Wesfarmers have all sold or restructured their property assets in recent years.
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