Transactions - MAY 26, 2015

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Thai firm to acquire Copenhagen department store

by Andrea Waitrovich

Thailand’s retail and hotel operator Central Group is under contract to purchase the Illum department store in Copenhagen from BlackRock Real Estate’s BlackRock Europe Property Fund III. The price is estimated to be €379.7 million ($412.9 million), according to Real Capital Analytics.

The 120-year-old Danish department totals 433,789 square feet across four stories. It is currently under renovation and due to reopen later this year. Central Group is considering arranging a luxury hotel on top of the department store.

Since 2013, the Central Group has owned the Illum brand and department store in Denmark, but not the building.

The acquisition of the Illum property is part of Central Group’s strategy of acquiring retail properties and developing the properties into modern centers.

Central Group has plans to invest 10 billion baht ($296.5 million) to expand its business in Europe this year through mergers and acquisitions.

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