Iceland's Baugur Group acquires 30% stake in Danish property company

(2005.07.22)

Baugur Group, an Icelandic investment company, has entered an agreement to acquire a 30% stake in the Danish property investment company Keops for DKK 564 mn

Baugur Group, an Icelandic investment company, has entered an agreement with the main shareholders of Keops, a Danish property investment company, to acquire 30% of the shares for DKK 564 mn (USD 90.2 mn). The agreement comprises a statement of intent between Baugur and Keops to enter a strategic collaboration in which Baugur supports Keops' opportunity to expand both in Denmark and internationally.

Skarphedinn Berg Steinarsson, director at Baugur is clearly satisfied with the deal: "Baugur sees this investment as a perfect match to our investment strategy in properties and retail trade", he says. The Icelandic Group has previously acquired the shares of Denmark's TH. Wessel & Vett which runs the Danish department stores, Magasin.

Keops is currently the year's top performer on the Copenhagen Stock Exchange. Since the turn of the year, its shares have risen by 174.5%. In 2004, Keops generated revenues of DKK 820 mn (USD 131 mn) and profits of DKK 79 mn (USD 12.6 mn). The company is headquartered in Copenhagen and employs 165 people. The news is reported by financial daily newspaper Børsen.

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last updated: 2005.07.21