Supermarket giant Woolworths Group is reportedly finalising a deal to divest a significant shopping centre portfolio valued at approximately $300 million. 

The buyer, which The Daily Telegraph identifies as Forest Endeavour, is controlled by the Taiwanese Lin Family, owners of the Shayher Group. 

Inside Retail approached Woolworths for confirmation, however the company declined to comment on the specifics of the deal.

“Woolworths has been operating and developing new stores and retail centres for over 100 years right across the country,” a spokesperson responded.

“As part of the standard operating rhythm, sites are developed and sold with Woolworths leases in place. We are currently reviewing which assets we will take to market over the next 12 months.”

The transaction involves as many as eight sites located along Australia’s east coast. 

Forest Endeavour is also finalising a $370 million acquisition of the Paradise Centre and the Novotel hotel in Surfers Paradise. The company is linked to major retail hubs like Homeworld Helensvale, Queensland.

Woolworths’ property division manages around 35 shopping centres in Australia. It’s understood that the brand is looking to liquidate some of its assets amid growing competition and pricing pressures.