RNS Number:4916I
Coles Myer Ld
09 March 2003

Coles Myer Ltd.

ABN 11 004 089 936

800 Toorak Road, Tooronga, 3146

Telephone (03) 9829 3111

Facsimile (03) 9829 6787

Postal Address: PO Box 2000, Glen Iris, 3146

News Release

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Monday, 10 March 2003


SALE OF SYDNEY CENTRAL PLAZA


Coles Myer announced today that it has sold Sydney Central Plaza to Westfield
Trust.


The sale price of $390 million is a record for the sale of an individual
Australian retail property and is a reflection of robust competition in a strong
commercial property market.


Coles Myer CEO, John Fletcher said that the sale was an important milestone in
the execution of Coles Myer's five-year strategy, which included capital
management initiatives to divest non-core assets and reinvest in higher
returning retail assets.


Under fair value accounting the property was revalued at the half year ended
2003 and accordingly the profit on sale of the property will not be material.


The cash from the sale would be used to fund the new store growth program,
reduce debt and other strategic initiatives.


"The transaction also highlights the property market's confidence in the Myer
Grace Bros business, which will continue operating in the Sydney Central Plaza
under a long-term lease," Mr Fletcher said.


Media:      Scott Whiffin       0407 850 709

Analysts:      Amanda Fischer       03 9829 4521


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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