Anz Sells Buildings To Put Money In Bank
The Age
Thursday March 20, 2008
ANZ has sold 32 branches, including five in Victoria, as part of its plan to lease back its property to free up money for expansion. The 47 properties up for sale this week were the last fully owned branches in the bank's 800-plus retail network.
The bank says the branches, which include historic buildings from the early 1900s, will remain an important part of ANZ's network.Victorian branches in Hastings, Terang, Rochester, Mildura and Doncaster sold to mainly private investors on initial yields of about 3% to 5%, according to selling agent Steve Bolton of Jones Lang LaSalle. The sixth branch, in Cheltenham, failed to sell. It had a reserve of $3 million, returning rent of $205,500. All 13 branches in Queensland sold at auction, a branch in Western Australia was withdrawn and the remaining 13 NSW branches are being auctioned today. -- NATALIE CRAIG
© 2008 The Age
