Brewer InBev sells Belgian, Dutch real estate for 419 mln euros

0 Comments | AFP, July, 2007

BRUSSELS (AFP) — Belgian-Brazilian brewing giant InBev is to sell some Belgian and Dutch real estate assets to Belgian property manager Confinimmo for 419 million euros (560 million dollars), the company said late Friday.

Under the deal, the brewer will sell 90 percent of its Immobrew subsidiary which directly owns 824 pubs and some residential properties in Belgium and indirectly 245 pubs in the Netherlands.

After the sale, InBev will pay inflation-indexed rent worth a total 26.8 million euros per year to Immobrew.

InBev, the biggest brewer in the world in volume terms, said that the deal was part of its strategy to free up capital tied up in its non-core activities to focus on its main beer business.

Since the 2004 merger of Belgian group Interbrew...