Kirin Holdings has seen its debt levels rise

Kirin Holdings has seen its debt levels rise

Kirin Holdings is to sell the Tokyo head office of its brewing unit for up to JPY20bn (US$228m) to help clear acquisition debts, according to a local report.

Kirin, which also plans to sell its group headquarters for JPY10bn, will relocate Kirin Brewery Co to a rented building in Tokyo's Nakano Ward, the Yomiuri Shimbun reported today (7 January). The move follow a series of overseas acquisitions that has seen Kirin's debts soar from JPY302.7bn in 2006 to JPY1.14tn in 2011, the newspaper said.

Kirin is in line to acquire the food & beverage business of Singapore's Fraser & Neave for SGD2.7bn if a wider bid by Overseas Union Enterprise for the conglomerate succeeds.