SYDNEY--Woolworths Ltd. said Friday it will spin off shopping centers worth a combined 1.4 billion Australia dollars (US$1.43 billion) into a separately listed company.
Australia's biggest supermarket chain said each Woolworths shareholders will get one stapled security in the newly created real estate investment trust for every five Woolworths shares they own.
The company also intends to launch an issue of new securities in the trust--to be called Shopping Centres Australasia Property Group--to raise between A$425 million and A$506 million.
Woolworths's statement to the Australian Securities Exchange confirmed a Dow Jones Newswires report on the imminent move Thursday.
Write to Ross Kelly at ross.kelly@wsj.com
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Source: http://www.marketwatch.com/story/woolworths-to-create-real-estate-investment-trust-2012-10-04
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