23 August, 2006

UK: Diageo sold Guinness Brewery site to property developer

The former Guinness Brewery in London has been bought by property developer Brixton Plc for 47 million pounds and will be converted into industrial units and warehousing, The Scotsman learned August 21 from Brixton Plc.

Brixton is buying the Park Royal site in northwest London from Diageo and plans to develop more than 500,000 sq ft of commercial space from 2007.

"This is just the type of scheme that Brixton has been looking to re-invest into post the 500 million pounds of sales earlier this year," said Brixton Chief Executive Tim Wheeler.

Brixton sold 84 properties to Dunedin Property Ltd for 460 million pounds in May.

Diageo is the world's leading premium drinks business with an outstanding collection of alcohol beverage brands across spirits, wine and beer categories. These brands include: Smirnoff, Johnnie Walker, Guinness, Baileys, J&B, Captain Morgan, Cuervo, Tanqueray, Crown Royal and Beaulieu Vineyard and Sterling Vineyards wines.

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