Breevast in the running for Inbev pubs

Dutch property company Breevast is in the running to buy the 1000-plus pubs being spun off by Belgian brewer InBev in the Netherlands and Belgium, according to unconfirmed reports in Dutch and Belgian newspapers. Other candidates reportedly include Belgium´s Cofinimmo and two UK-based real estate funds.

The number of pubs in Belgium has fallen steadily in recent years as a growing number of Belgians prefer to drink a beer at home rather than at the pub. According to the Flemish financial daily De Tijd, Inbev´s 1000-odd pubs were valued at EUR 900 mln in 2000, but are now likely worth significantly more due to a sharp increase in property prices in Belgium in recent years. Inbev confirmed that it is in talks on selling off the pubs, but would not comment on the identity of the bidders. The company was also unable to specify when the deal would be finalised. A spokesman for Breevast declined to comment on the report.

The majority of the pubs, or 824 of the total, are located in Belgium. Most of these will be sold off. The company is planning to spin off another 200 to 250 pubs in the Netherlands. It has more pubs in the country, but declined to say how many Dutch pubs it will retain.