Caltex sells 25 retail sites for $136 million
Caltex Australia says it has agreed to sell 25 of its petrol stations for about $136 million, with contracts for another 25 close to being finalized. After Caltex remediates the sites for up to 24 months and at a cost of about $25 million, they are expected to be redeveloped for retail or residential used by the purchasers.
Caltex decided the high land value of the freehold sites makes them better suited for alternative uses. Its shares were up 0.2 percent to $34.36 at 1036 AEDT.
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