Belgian listed company InBev announced that it has completed the sale of a 90% interest in Immobrew, a subsidiary of InBev Belgium, to Cofinimmo. Immobrew owns 823 pubs in Belgium and 245 pubs in the Netherlands. The transaction value comes to EUR 419 mln, on a debt and cash free basis. This sale is consistent with InBev's commitment to free up capital invested in non-core activities and will allow the group to concentrate on the beer business.
Belgian listed company InBev announced that it has completed the sale of a 90% interest in Immobrew, a subsidiary of InBev Belgium, to Cofinimmo. Immobrew owns 823 pubs in Belgium and 245 pubs in the Netherlands. The transaction value comes to EUR 419 mln, on a debt and cash free basis. This sale is consistent with InBev's commitment to free up capital invested in non-core activities and will allow the group to concentrate on the beer business.
InBev Belgium retains a 10% interest in Immobrew, to be renamed Pubstone. Immobrew has a 27-year a lease agreement with InBev Belgium for an initial rent of EUR 17.4 mln per annum (indexed to CPI). Similar lease agreements have been reached on the Dutch pubs for an initial rent of EUR 9.2 mln per annum (indexed to CPI). The sale results in an estimated one-time gain of EUR 334 mln on the book value.
InBev has also sold its brewery portfolio in Hannover to Kenmore for some EUR 25 mln. The portfolio comprises 14 properties providing a total of 23,500 m2, German newspaper Immobilien Zeitung reported.
