Woolworths' Masters subsidiary has won its legal proceedings against Aventus in respect of Aventus' decision to reject an application by Masters to sub lease their site at Cranebourne to AMart.
As was notified in the previous ASX release of 13 March 2019, Masters Home Improvement Australia Pty Ltd (the Tenant) sought the Landlord’s consent to sub-lease part of the premises.
In March 2019, the Masters commenced proceedings in the Supreme Court of Victoria seeking declarations with respect to the consent to the sub-lease. A judgement was handed down on 8 August 2019 finding that the Landlord is required to consent to a proposed sub-lease to Amart of part of the premises at Cranbourne previously occupied by Masters.
Aventus advise that they are considering the judgement.
The Head Lease remains on foot until 30 September 2030, including the guarantee by Woolworths Limited for the performance by the Tenant of its obligations under the Head Lease.