28 Aug 2012

Property sales and lease back deals for Warehouse

5:54 am on 28 August 2012

The Warehouse is close to completing the sale of four properties, including its North Island distribution centre in Wiri and three stores.

The properties will all be leased back to The Warehouse long term.

It says the sales are expected to be worth $117 million and will generate a pre-tax gain of between $62 - $64 million.

The proceeds will be reinvested in the business in line with priorities identified in the company's strategic plan.