Trade News / Financial Times Deutschland - November 2, 2007
Argyll Partners, the UK investment firm, is acquiring Deutsche Woolworth, the German low-cost retailer, and intends to pass the outlets which the retailer actually owns, numbering around 100 and valued at around 400m euros in the 2005 balance sheet, to the US investment firm Cerberus, according to company sources. A sale-and-lease-back is reported to have been decided for several of the properties. The seller of the German company is the UK investment firm Electra.
Argyll has indicated that the sale will finance the restructuring of Deutsche Woolworth, through which a strengthening of operative business and a return to profitability are targeted. The German retailer, which operates around 340 branches in Germany and Austria, generated turnover of 1bn euros in 2005. Sector experts have expressed surprise that the operative business is being taken over alongside the property which, until now, has been regarded as the only valuable asset of the German business.
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