Qantas sells off Mascot properties

QANTAS says the $802 million sale of 13.8 hectares of land near Sydney Airport (TD breaking news) will help it reduce debt and accelerate recovery.

The transaction with LOGOS Property Group comes alongside discussions with the acquirer about potential future development options, including the creation of a dedicated precinct for the airline which could see a new HQ combined with a training and distribution hub.

Qantas CEO Alan Joyce said the decision to sell followed a wideranging review of the carrier’s property portfolio.

‘We went into this process open-minded about whether we’d sell some, all or none of this land depending on the response from the market,” he said.

“That response was extremely strong and it has resulted in the sale of all the land.”

Joyce said the extended lockdowns and border closures of the past few months had been extremely tough, “but this transaction adds to the growing momentum around our recovery”.