Debenhams is to take over one of Denmark’s Magasin du Nord from the Magillum investor group for DKK 101 million with a 100 percent holding in A/S Wessel & Vett, Magasin du Nord, according to a news release from both parties.
The Magasin du Nord building on Kgs. Nytorv and the Illum department store are, however, not part of the takeover and will continue to be owned by Solstra Holding, which is run by the Icelandic investment bank Straumur and Alshair Fiyaz.
“This is an ideal situation for Magasin – to be owned by retailers. Debenhams is one of the most efficient retail chains in Europe, with extensive know-how and economy of scale in logistics and purchasing – something that will now benefit Magasin,” says Magasin’s CEO Jon Björnsson.
“There is no doubt that in considering the move, Debenhams has given weight to the position that Magasin has in the Danish retail trade – we are a strong brand and with the solid platform our new owners can offer will be able to grow even stronger,” he adds.