Sapporo Holdings announced today that it has sold the site of a former brewery for ¥16.8 billion (US$154.5m). The brewer also forecasts a group net profit of ¥1.4 billion on sales of ¥476 billion for the full year.

Sapporo said in September last year that it would integrate its production into six breweries from the current eight to reduce production costs. It is part of the brewery's restructuring efforts to streamline and reorganize its operations.

The sale will not affect the company's earnings for 2003 as it has been factored into its earnings outlook. The site, in Saitama Prefecture near Tokyo, will be bought by Ito-Yokado Co., Tobu Railway Co., and Recruit Cosmos Co.