South Africa’s Woolworths will “review alternatives” for David Jones’ $612 million property portfolio, opening up speculation that a sell off may be on the horizon to reduce cost of its $2.15 billion takeover offer.

Woolworths CEO, Ian Moir, has previously said it has no plans to sell off property assets, which could be worth as much as $1 billion, despite a Friday memorandum to Woolworths hareholders informing them of the property review.

Moir remains adamant that Woolworths is a retailer, not a property developer, and as such, has no plans for a sell off. But industry sources believe the wording of the latest statement to Woolworths shareholders, leaves room for the company to sell or redevelop the properties if they choose to in the future.

The acquisition has now received approval from Australia’s Foreign Investment Review Board last, while the Woolworths board has unanimously recommended its shareholders vote in favour of the takeover.