The Warehouse is seeking to raise $100 million from selling four sites in sale and leaseback agreements, with the proceeds reinvested in the company.
The Warehouse properties are in Queenstown, Snells Beach, north of Auckland, Palmerston North and its North Island distribution centre in Wiri, South Auckland.
Colliers International is handling the sales which would be sold on long-term leases, "typically starting" at about 10-years, Warehouse group chief executive Mark Powell said, when contacted on Friday.
The Warehouse operates 53 Warehouse Stationery outlets around the country and 89 Warehouse sites, including the recently opened premises in central New Plymouth.
Mr Powell said about 90% of its sites were leaseback operations, but the company retained "key sites", including its South Dunedin operation.
He said the sales process was expected to be completed during the next six months, and if all the properties were sold would will generate about $100 million.
"The sale proceeds will be reinvested in the business in line with the priorities identified in the company's strategic plan," he said in a market statement yesterday.
The $100 million would be used in a "mix" of new buildings and refurbishment of existing ones, but largely the latter.
No new South Island sites were being considered, but Mr Powell, who has been around the South Island this week, said opportunities in the South were always under consideration.
During the quarter to April, the first five stores in a major store rejuvenation programme were refitted and relaunched on time and on budget, in Riccarton, Te Rapa, Albany, Te Awamutu and Taupo.
In early May, The Warehouse reported sales for the third quarter to April were up 3.3% to $394.2 million, on the corresponding period last year, while sales for the financial year to date were also up 3.3%, to $1.33 billion.
Directors of the group, which has annual turnover of about $1.7 billion, said in early May that guidance remained unchanged to deliver adjusted after-tax profit for the full year of between $62 million and $66 million.
