Land deal reaps Qantas $802m

QANTAS has emerged as one of the biggest winners from the industrial property boom, reaping $802m from the sale of surplus land next to Sydney Airport from property funds manager Logos.

Under the deal, Qantas has entered discussions with Logos about potential future development options for the sites they are acquiring including the creation of a dedicated precinct for the airline as well as the potential sale of an extra three hectares of land adjoining the 13.8ha of land being sold.

If an agreement is reached with Logos – which is backed by the Abu Dhabi Investment Authority and AustralianSuper – this has the potential to raise the total value of the deal to more than $1bn.

“We’ll use these funds to help pay down debt that we’ve built up during the pandemic,” Qantas chief executive Alan Joyce said.

“Logos has put forward a number of proposals on how we could unlock further value from our land holdings in Mascot, which we will explore in detail.”