Qantas Group entered (15-Oct-2021) into binding agreements with a consortium led by LOGOS Property Group for the sale of 13.8 hectares of land in Mascot for AUD802 million (USD595 million). Settlement of the vast majority of the lots is expected in the H1FY2022, with the funds to be used to reduce debt and accelerate the airline's recovery. The transaction remains subject to some conditions being met and further detail on the expected financial benefit of the sale will be provided with the Qantas Group's financial results in Feb-2022. Qantas also entered into discussions with LOGOS about potential future development options for the sites they are acquiring, including creation of a dedicated precinct for the airline, as well as the sale of an additional three hectares of land that adjoins some of the lots being sold. Qantas expects to complete the evaluation of these proposals in early 2022, and if an agreement is reached, this has the potential to raise the total value of the deal to more than AUD1 billion (USD741.9 million). Qantas will lease back portions of land for a period of time, while arrangements are made to relocate the functions that the land is used for. [more - original PR]