The Australian beer and wine group Foster's believes it will complete the sale of its property development business, Lensworth, by the end of fiscal 2005.

Foster's has been looking to offload Lensworth since it decided it was going to focus solely on its wine and beer business.

Chief executive Trevor O'Hoy said of the timing of the sale: "Obviously the sooner the better from a focus standpoint."
 
O'Hoy said the business had a book value of about A$300m.

However, he declined to comment on a possible price.