This article is from the Australian Property Journal archive
WESFARMERS is cutting down costs by selling 45 smaller Coles supermarkets and eight Liquorland stores to Foodworks.
Coles has sold 45 stores with an average size of 1,400 sqm. The portfolio boasts revenue of approximately $450 million.
Coles managing director Ian McLeod said the sale is part of the company’s broader plan to improve its overall network.
The transaction is subject to ACCC approval and the approval of FoodWorks’ shareholders.
Coles is supporting the store transfer arrangement through a secure vendor finance facility.
Australian Property Journal
