Edinburgh’s Jenners sold to private European investor
A private European investor has emerged as the purchaser of Edinburgh’s Jenners, a luxury department store known as the “Harrods of the North”.
Located on Edinburgh's Princes Street, the department store was founded in 1838 by Charles Kennington and Charles Jenner, and was visited by Queen Elizabeth II on the occasion of its 150th anniversary in 1988.
The 179,451 sq ft building is let to House of Fraser-owned Jenners on a 35-year lease with 23 years remaining,
House of Fraser bought the business for £46.1 million in 2005, and sold the freehold of the property to Glen Properties for £37 million. While other acquisitions by House of Fraser have been renamed, Jenners has managed to keep its name and identity.
The private European investor behind the transaction is believed to be Anders Povlsen, the billionaire owner of Danish fashion group Bestseller, according to commercial property information provider, CoStar News, who cited market reports.
The property news site said Povlsen is believed to have paid £53 million or a yield of 4.64% for the Scottish company. Jenners was put officially on the market in May for £52 million.
Real estate firm Harper Dennis Hobbs, who acted for the buyer in the transaction, announced the move however it did not disclose the final sale price or the name of the buyer.
Jenners was the oldest independent department store in Scotland until its acquisition by House of Fraser.
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