Foster's Group Limited today announced that it's Australian beer, cider, spirits and non-alcohol division Carlton and United Beverages (CUB), would pursue an alternative approach to the sale of its Kent Brewery site in NSW.
In September 2003 CUB signed a conditional agreement to sell the Kent Brewery site to Australand Holdings Limited.
The gross proceeds of the sale amounting to $203 million were due in instalments from June 2005, when development approvals were expected, to 2010.
After extensive consultation, Australand Property Group and CUB have elected to mutually rescind their contractual arrangements.
CUB and its property advisers will now seek greater certainty around potential planning outcomes for the site before proceeding with any sale process.
CUB will continue to work with all stakeholders to ensure the best outcome for the site.
Further information:
Lisa Keenan
Director - External Communications
Tel: +61 3 9633 2265
Mob: 0409 150 771
Investor Relations
Chris Knorr
Vice President - Investor Relations
Tel: +61 3 9633 2685
Mob: 0417 033 623
