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UPDATE 1-Selfridges to buy Dutch luxury dept store chain

Published 11/16/2010, 10:04 AM
Updated 11/16/2010, 10:08 AM

* Selfridges enters Dutch market

* Maxeda sells luxury dept store chain for undisclosed sum

* (Adds detail, quote)

AMSTERDAM, Nov 16 (Reuters) - Retail group Maxeda Retail Group B.V. said on Tuesday it has agreed to sell the Dutch luxury department store chain, De Bijenkorf -- or "the beehive" -- to Selfridges Group Ltd for an undisclosed sum.

The transaction is part of an overhaul of the Dutch non-food retail sector, with KKR's Maxeda also selling the Hunkemoeller lingerie stores and private equity group Lion Capital trying to sell the Hema mid-market department store chains

De Bijenkorf, whose flagship store is a landmark building in Amsterdam's main Dam square, has 12 department stores in the Netherlands' biggest cities including Rotterdam and The Hague.

"De Bijenkorf is an excellent addition to our portfolio of international stores. This is an exciting opportunity for us to enter the Dutch marketplace with the acquisition of this iconic retailer," said W. Galen Weston, Chairman of Selfridges Group, in a statement.

Selfridges Group, a subsidiary of Canada-based Wittington Investments, operates luxury retailers Selfridges in the UK, Brown Thomas in Ireland, and Holt Renfrew in Canada.

With the addition of De Bijenkorf, its turnover will be close to 2 billion pounds ($3.19 billion), the firms said in a joint statement.

Maxeda, owned by Kohlberg Kravis Roberts, has international retail outlets in Europe, Russia and the Middle East. (Reporting by Sara Webb; Editing by Hans Peters)

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