Business
David Jones property deals boost South Africa parent’s profit – The Australian Financial Review
David Jones’ sales further decline but profits from property sales and lease negotiations will boost December-half earnings for Woolworths of South Africa.
Woolworths subsequently sold David Jones flagship Elizabeth Street store in Sydney a few days before Christmas to Charter Hall for $510 million under a 20-year sale and leaseback deal.
Gains from this sale will be included in Woolworths June-half results and will significantly strengthen Woolworths balance sheet and give the Australian businesses a more sustainable capital structure.
Woolworths said trading conditions across the group were further impacted by the coronavirus, with footfall falling…
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