Japan's Sapporo Holdings to sell real estate business in $3 billion deal with KKR and PAG
The move is because Sapporo wants to concentrate management resources on its core beer business.
TL;DR
- Sapporo Holdings is selling its real estate business to KKR and PAG.
- The enterprise value of the deal is 477 billion yen (about $3 billion).
- The real estate holdings include the Yebisu Garden Place in Tokyo.
- Sapporo aims to concentrate on its core beer brewing business.
- Proceeds will fund investments in the beer business, customer touchpoints, and healthier beverage choices.
- Sapporo shares closed 3.7% higher after the announcement.
- Previous negotiations with KKR and PAG had stalled due to disagreements over the sale price and repair costs of aging facilities.