DENMARK: Carlsberg reaps US$250m from Copenhagen site sale
By Olly Wehring | 12 April 2012
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Carlsberg's Q2 numbers will benefit from the US$247m windfall |
Carlsberg is set to book a healthy gain in its next set of quarterly results, after selling off its former brewery site in Copenhagen.
The brewer announced earlier today (12 April) that it has set up a consortium with four other companies, with a view to developing the site, located to the west of the city centre. The move, which sees Carlsberg retain 25% ownership of the plot, will garner a net capital gain of around DKK 1.4bn (US$247.1m) for the brewer.
“The financial consequences of this transaction were not included in the 2012 expectations announced on 20 February,” the company said.
The gain will be recorded in Carlsberg's Q2 results, due to be announced in August.
“We are pleased that it has been possible to establish this strong consortium of investors who will be responsible for transforming the area into an exciting neighbourhood in Copenhagen,” said company CFO and deputy CEO Jørn Jensen. “We are also satisfied that the Carlsberg Group is already now realising significant value from this transaction which will be used to further deleverage the group.
“At the same time we continue to participate as a minority shareholder in the consortium, which we expect will generate significant value in the years to come.”
The other consortium members are Realdania (which holds 25%), PFA Pension (20%), PenSam (15%) and Topdanmark (15%).
Expert analysis
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Sectors: Beer & cider
Companies: Carlsberg
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