Miller Brewing buildings priced at $127 million in filing
03.07.2008 02:01
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- Source: JS Online
How much is the former Miller Brewing Co. brewery and adjacent headquarters worth? Just north of $127 million, according to documents filed Wednesday with the Milwaukee County Register of Deeds. The documents recorded the transfer of Miller Brewing’s W. State St. brewery complex and W. Highland Blvd. office building to MillerCoors LLC, the new joint venture of Miller Brewing and Coors Brewing Co. The joint venture began operating Tuesday, created from the combined assets of both companies. No money was exchanged between SABMiller PLC, which owned Miller Brewing, and Molson Coors Brewing Co., corporate parent of Coors Brewing. SABMiller and Molson Coors each own 50% of MillerCoors. SABMiller holds a 58% economic interest in MillerCoors based on asset value, so that share of the joint venture’s net income goes to SABMiller. In transferring Miller Brewing’s properties to MillerCoors, the companies had to place a value on that transaction in order to determine the state transfer fee that’s assessed on most real estate sales. That fee came to $382,110, based on a formula of $1 for each $3,000 of transfer value. That equates to a value of $127,370,000, according to the register of deeds.
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