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UK: Coors to make £26m from property sale

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Adolph Coors Company has announced the sale of property related to its former Cape Hill brewery in Birmingham. The sale, announced today (Wednesday) is consistent with the company's objective to convert non-core assets to cash, accelerate debt repayments and grow returns on capital, the company said.

The Cape Hill transaction, completed in late May, involved the sale of nearly 80 acres of property related to the company's former brewing operation in Birmingham. Coors ceased brewing operations at the Cape Hill facility in late 2002. The property was sold to UK-based developer Persimmon PLC for £26m (US$47.7m), with £6m pounds payable in 2004 and £20m pounds due in 2005.

Coors expects the Cape Hill property sale to result in a one-time pre-tax gain of £4m, which the company anticipates recording in the fourth quarter of 2004 after all of the 2004 payment has been received.


Sectors: Beer & cider

Companies: Molson Coors

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