Heineken divest Austrian real estate business
The move is consistent with Heineken’s strategy to concentrate on core activities, the beer business, and to release cash that is locked up in non-core assets.
The Brau Union real estate activities will be sold to an investor group led by DDWS Corporate Advisors and is consistent with Heineken’s strategy to concentrate on core activities, the beer business, and to release cash that is locked up in non-core assets. Heineken said that the sale of Brau Union’s real estate operation will have no material effect on the results of Heineken N.V. for 2005 and that the employees of Brau Union Real Estate Business will be transferred to the new employer.
Karl Büche, member of the Executive Board of Heineken N.V. commented: “This transaction supports Heineken’s 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.”
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