Japanese drinks giant sells Tokyo quarters

Kirin is struggling in the Japanese domestic market Japanese beverage giant Kirin has decided to sell its Tokyo headquarters in order to reduce debts as it aggressively buys foreign firms in a bid to expand its global reach, a report said Sunday .
Kirin Holdings and its main subsidiary Kirin Brewery Company will sell their headquarters buildings in Tokyo to raise an estimated 15 billion to 30 billion yen ($170 million to $340 million), the Yomiuri Shimbun newspaper said.
The group will rent a different building in Tokyo as its global headquarters, the paper said.
The company will use the money to reduce debts accumulated after a series of major overseas acquisitions, according to the report.
In recent years the group has bought full or major stakes in Australian brewer Lion, Brazilian brewer Schincariol and Philippine brewer San Miguel, among others.
Many Japanese beverage firms have sought to expand overseas while the domestic market suffers chronic slow consumption, a shrinking population and younger people shunning alcohol.

Source: AFP