InBev sells 90 percent of its real estate firm to Cofinimmo

In July, InBev announced that it has entered into an agreement with Cofinimmo under which it will sell 90 percent of Immobrew, a subsidiary which directly owns 824 pubs and some residential real estate locations in Belgium and indirectly 245 in the Netherlands, for EUR 419 million, on a debt and cash free basis.

As was announced by InBev, the brewer will enter into a lease agreement with Immobrew and some of its affiliates.

The structure of the transaction is thus that that InBev Belgium will retain a 10 percent interest in Immobrew. Immobrew will hold lease agreements (commercial types) of 27 years (plus renewal mechanism) with InBev for an initial rent of EUR 26.8 million per annum (indexed to Consumer Price Index).

InBev said that the commercial relationship between the pub tenants and InBev will not change. Cofinimmo has committed itself to further investments in the properties.