Hardware retailer Bunnings has completed the sale and leaseback of 11 retail warehouse properties in Australia and New Zealand, netting A$203 million ($229.5 million).
The properties are being sold in two lots. Kiwi firm Dominion Funds Management is buying five New Zealand properties, while Australian fund Charter Hallis buying the remaining six properties in Australia.
Bunnings, which is owned by Wesfarmers, expects settlement by the end of the month. It said the net profits from the sale process would "substantially lift" second-half profits from property development
