Baugur boss rejects speculation over UK retail assets
- Published: 01 October 2008 09:35
- Author: Marino Donati
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- Last Updated: 14 October 2008 10:12
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Baugur has rejected speculation that it will be impacted by the nationalisation of Icelandic bank Glitnir, and the administration of Stodir, controlled by Baugur chairman Jon Asgeir Johanesson.
Gunnar Sigurdsson, chief executive of Baugur, whose UK investments include House of Fraser and Mosaic, said: "Baugur notes the recent activity in Iceland with the part nationalisation of Glitnir and the administration of Stodir and the resulting press speculation.
"Baugur would like to state for clarity that its assets are based in the United Kingdom, Scandinavia and the United States and as such have no exposure to the Icelandic economy.
"At the same time the funding for these businesses is secure and the vast majority of this funding is through international banks with whom Baugur has a long working relationship. As we have previously stated, we are focusing on large retail projects and will continue to operate based on that strategy as well as remain committed to working on our portfolio to continue to create value and growth. Our businesses continue to perform well in what are evidently tough market conditions. For Baugur, it is business as usual".
