UK: S&N to raise £2bn from property deal
Scottish & Newcastle is reported to be looking at raising up to £2bn from a property deal on its 1450-strong pub estate. S&N, a report in the UK newspaper the Independent, wants to keep the pubs but has decided that owning the freeholds no longer makes economic sense. In an interview with The Independent Brian Stewart, the group's chairman, when asked if he would keep the pubs said: "Yes, I think so. It depends on values and performance. But I'm not sure we should necessarily own all the property." Asked when a deal might be struck he said: "Possibly this year."
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