Coles has reportedly paid $1 to officially take control of a supermarket leased to its arch nemesis Woolworths.
In March Fairfax reported it was in control of the property on Grosvenor Street in Sydney’s Neutral Bay.
According to the report Coles paid $40 million for it, holding it through a complex tax structure involving a company based in the British Virgin Islands.
The Woolworths there is one of the best performing in Australia, and the lease terms mean Coles can look at its sales data.
Coles always denied any wrongdoing, and has now decided to pay a symbolic dollar to officially become its rival’s landlord.
There’s more here.
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