Heineken N.V. announced today that Brau Union AG in Austria, member of the Heineken group, has signed an agreement for the divestment of its Real Estate Division. This division comprises all non-business related real estate units. The consideration of the transaction after capital gain taxes amounts to EUR 238 million.
The Brau Union real estate activities will be sold to an investor group led by DDWS Corporate Advisors and is consistent with Heinekenâs strategy to concentrate on core activities, the beer business, and to release cash that is locked up in non-core assets. The sale of Brau Unionâs real estate operation will have no material effect on the results of Heineken N.V. for 2005. The employees of Brau Union Real Estate Business will be transferred to the new employer.
Karl BÃ¼che, member of the Executive Board of Heineken N.V. commented: "This transaction supports Heinekenâs strategy to focus on its core beer competencies. We are happy that the real estate operation will be transferred to another professional real estate portfolio manager."