Inbev to sell stake in real estate unit Immobrew |
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Wed, 16 May 2007 07:56
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BRUSSELS (Thomson Financial) - Belgian brewer Inbev SA plans to sell its majority stake in real estate subsidiary Immobrew, financial daily De Tijd reports, citing a company spokesperson.'We have sent an invitation to a number of potential buyers', Inbev told De Tijd, adding that 'our core business is the brewing and selling of beer, not the management of real estate, we would rather leave that to a specialist'.The sale of 824 cafes is likely to be a lucrative undertaking for the group, with real estate prices rising more than 50 pct since 2000.Inbev declined to comment on the current value of the real estate, but according to the paper, Immobrew's most recently published balance sheet shows its fixed assets amounted to some 900 mln eur.The group did not comment on the size of the shareholding it is looking to sell, but trade unions estimate Inbev will sell 90 pct of its stake, according to De Tijd.antonia.vandevelde@thomson.comava/jfrCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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