RBS in £412m Galaxy sale

  Heineken has bought the 918-strong Galaxy Pub Estate from Royal Bank of Scotland for £412m.   The pubs were bought on a cash and debt-free basis. Heineken subsidiary Scottish & Newcastle has been managing the pubs on RBS’s behalf since 1999.     Stefan Orlowski, managing director of Heineken UK, said: “Owning the Galaxy freehold will allow us to continue the successful transformation of our pub business, concentrate on operational excellence and deliver long-term value from a high-quality, well invested pub estate.”   RBS said that the sale was in line with its plans to reduce its non-core assets.   In the year ended 31 December 2010, the pubs generated an operating profit of £45m.     RBS Corporate Finance and Sapient Corporate Finance advised RBS on the sale.   joanna.bourke@estatesgazette.com