Woolworths Ltd. has exited the home improvement business by completing the sale of Hydrox Holdings Pty. Ltd. to Home Investment Consortium Co. Pty. Ltd., also known as Home Consortium, the Australian retailer said in an Oct. 12 ASX filing.
Woolworths sold 100% of the shares in Hydrox, its joint venture with Lowe's Cos. Inc. that operated Masters home improvement stores in Australia. The transaction was able to be completed after Lowe's was required to sell its 33% stake in Hydrox following arbitration.
Private equity group Home Consortium first proposed the purchase of Hydrox in August 2016 with plans to repurpose the Masters sites into multitenant, large-format shopping centers.
The sale includes 40 Masters freehold trading sites, 21 Masters freehold development sites and 21 Masters leasehold sites, according to Woolworths. Net proceeds were expected to be about A$500 million.