By Charlotte Grieve
Westpac has today announced the sale of its insurance business to Allianz has been finalised, as the big four banks continue to simplify operations and return to traditional banking.
Westpac announced its intention to sell its general insurance business in December last year and has now completed the sale to Allianz for $725 million, which involves a 20-year agreement for the distribution of general insurance products to Westpac’s customers.
Westpac chief executive Peter King.
Credit:Jessica Hromas
A further $25 million is expected to be received by Westpac this calendar, the bank said, subject to a number of integration milestones.
Newmark adds $85m Bunnings to IPO plans
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Melbourne fund manager Newmark Capital has bulked up its large-format retail portfolio ahead of an ASX property float later this year, after striking a deal to acquire an $85 million Bunnings warehouse being built in the cityâs north.
The Australian Financial Review understands Newmark, led by former Hawthorn AFL star Chris Langford and Simon Morris, will acquire the new 18,626sq m, three-level flagship warehouse on completion in a fund-through style deal.
The warehouse, being built on a 2.05 hectare island site on the high
profile corner of Bell Street and Chifley Drive in Preston will be leased by Bunnings once finished on an initial 12-year term.