Business Activities | RETAIL
Illum & Magasin Du Nord
In 2009, our overseas business interests acquired the iconic Scandinavian retail operations of Magasin Du Nord and Illum. The transaction included full acquisition of the Illum department store operation as well as Illum property, specifically Ostergade in Copenhagen. In addition the deal included Magasin properties, including Lyngby, Aarhus, Odense, AvedoreHolme and further Copenhagen based real estate.
Our overseas business interests have secured a stable platform for the further growth and development of these two blue chip retails operations and will continue to provide new capital to further develop existing projects as well as developing new commercial opportunities.
This particular opportunity was identified because of the compelling nature of the investment, specifically the opportunity to combine established retail operations with lucrative real estate companies. It is believed the synergy, between the existing management team of Magasin and Illum, combined with an innovative, pragmatic approach of our overseas business interests, will provide a strong future for both these companies respectively.
Whilst supporting the ongoing operational and strategic initiatives and changes at Magasin&Illum, it will be endeavoured to further develop the retail offerings available to both companies and will, in addition, continue to provide increased operational flexibility to both companies, allowing both to have greater creative freedom about how they utilize their space.
In Q4 of 2009, ALFI Investments agreed to sell the operating rights (OpCo) of the Magasin Du Nord department store chain to British department store chain, Debenhams. Debenhams agreed a 25-year lease of the six stores. As part of the Debenham's group, Magasin will be able to benefit from the Debenhams infrastructure and economies of scale. ALFI investments continues to retain full ownership of the retail property company (PropCo).
"In August 2011 the sale of the department store Illum is the 'Largest single property deal in Danish history" - News Article
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