Fuels supplier Caltex Australia has revealed a restructuring of its property assets with the potential to unlock $1.5 billion of proceeds but the long-term nature of the strategy has underwhelmed some investors hoping for a “big bang” move that would provide more immediate returns.
Caltex shares sank 7.9 per cent on news of the plans, which were revealed with first-half results that were broadly within expectations. They include an initial possible sale and leaseback of a $300 million-$500 million portfolio of retail sites into a partnership with an experienced retail property investor. Caltex would keep a 25-50 per cent interest.
Talks are understood to have been held with a number of potential partners in Australia and As…
Read the full article at: https://www.afr.com/business/retail/caltex-to-sell-500m-stake-in-convenience-retailing-business-20180827-h14lfn