The Magasin group is once again master of its own house. The new owners of the department stores have bought the four properties where the iconic stores are located, from ATP Ejendomme and PensionDanmark.
The pension funds bought the properties in two installments about a decade ago. First the Magasin properties in Aarhus, Odense and Lyngby in 2010 and then the Magasin property on Kongens Nytorv in 2013.
The sale of the Magasin properties takes place at the initiative of Magasin, which with the purchase wishes to strengthen Magasin's long-term position in the retail market. After a course of negotiations, the parties have reached an agreement on a transaction. so the properties are now transferred to Magasin, which is the obvious owner of the properties, which are tailored for retail use.
The four properties have a total of just under 138,000 sqm and were built in Aarhus in 1965, in Odense in 1960, in Lyngby in 1960 and on Kongens Nytorv in Copenhagen as far back as 1894. The latter, however, lived a previous life before Magasin, where the property has housed both a dance hall and a hotel business.
The transaction is still subject to formal approval by the Danish competition authorities and is expected to fall into place within the coming months.