Danish billionaire buys Jenners building
Jenners: new owner (photo by Terry Murden)
Jenners, the Edinburgh department store, has a new landlord after Glen Properties completed the sale of the building in Princes Street to a private European investor.
The buyer is understood to be Danish billionaire Anders Povlsen who owns the clothes retail chain Bestseller Group. He owns other property in Scotland.
The £53m sale price of the Jenners building, close to the expected asking price, will produce a yield of 4.64%.
Jenners, which was bought by House of Fraser in 2005, is Scotland’s oldest department store having opened for business in 1838.
The building, at 47-52 Princes Street, spans 179,451 sq ft and is let on a 35-year lease with around 23 years remaining. The passing rent is £2.6m per annum and the asking price reflects a net initial yield of around 4.73%.
Private investor Glen Properties bought the building from Jenners/House of Fraser for circa £32m in 2005 after the House of Fraser takeover.
The store had been formally put up for sale, with a price tag of £52m, after talks to sell the building to German investor Triuva fell through.
Triuva, advised by Cushman & Wakefield, made an offer for the property earlier this year before it came to market.
The original buildings that formed the department store were destroyed by a fire in 1892 and the current building was completed in 1895 by William Hamilton Beattie, the same architect behind the Balmoral and other Scottish landmarks.
Sheridan Property Consultants acted for the vendor, while Harper Dennis Hobbs acted for the buyer.