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Icelandic Group Buys Stake in Saks


According to the Financial Times, Baugur, an Iceland-based investment group, has reportedly built up a $250 million investment in Saks Inc.

The Icelanders have bought shares in the past few weeks and on Monday revealed a stake of 8.08 per cent in Saks, operator of 54 upmarket stores, including New York's flagship Fifth Avenue store.

Baugur paid just under $22 a share, or about $250m, through a series of forward contracts.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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