16 May, 2007

Belgium: Inbev to sell stake in real estate unit Immobrew

Belgian brewer Inbev SA plans to sell its majority stake in real estate subsidiary Immobrew, financial daily De Tijd reports, citing a company spokesperson, May 16.

'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.

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