The price is undisclosed, but Nordic Property News estimates it to DKK 2,5 - 3 billion (€330-400M)
Illum is Copenhagen's premium department store, offering everything from fashion and beauty to home décor and design. The BlackRock fund took ownership of the 44,000 sqm building in 2011 and has since completed a total refurbishment and extensive development of the property.
Mathias Busck, Head of BlackRock’s Nordic real estate business, commented:
“We have refurbished and repositioned the Illum building to fit the needs of future shoppers and international retail brands. The site offers unique opportunities for luxury retailers. We are happy to see Central Group take over the property and look forward to see Illum prosper in the future.”
The Central Group has been present in Europe since 2011 when it acquired the Italian department store group La Rinascente with the intention to develop a European collection of historic luxury department stores.Since 2013 Central Group has owned the Illum brand and department store in Denmark, but not the building. The acquisition of Illum property is part of Central Group’s strategy of developing historic retail icons into modern centres of commerce and community for locals and tourists.
CEO of Central Group, Tos Chirathivat, said: “We are very pleased to take ownership of Illum which is considered landmark property in Copenhagen. The location of this department store is unique and it fits perfectly with our strategy to grow our business in Europe. We will build on the strong brand which Illum has in Denmark and shall continue our refurbishment program and introduction of world class Danish and global luxury brands to the store.”
BlackRock Real Estate is the dedicated real estate investment group within BlackRock and invests in strategies across the risk and return spectrum, providing access to all major property types. The business manages over $23 billion of private and public real estate equity and debt on behalf of investors worldwide in 17 offices across 11 countries in Asia-Pacific, Europe and the US. Investment structures include commingled funds, co-investments, joint ventures and customised separate accounts. Blackrock Real Estate is at the moment increasing its Nordic presence with new projects in Denmark and actively seeking opportunities across the entire Nordic region.
BlackRock Acquires Illum in Copnhagen.
Image: Illum
Central Group Acquires Illum Department Store in Copenhagen
Denmark —
Thai Central Group has acquired the Illum department store in Copenhagen from BlackRock Europe Property Fund III.
2015-05-22
Nicklas Tollesson
[email protected]