Qantas says it has entered into binding agreements to sell surplus land in south Sydney’s Mascot to LOGOS Property Group for $802 million.
Qantas will lease back some of the land while arrangements are made to relocate some of the functions that the land is currently used for.
“We’ll use these funds to help pay down debt that we’ve built up during the pandemic,” said Qantas chief executive Alan Joyce.
“The strength of this sale and its impact on our balance sheet means we can get back to investing in core parts of our business sooner. The extended lockdowns and border closures of the past few months have been extremely tough, but this transaction adds to the growing momentum around our recovery.”