October 26, 2010 / 12:36 PM / 9 years ago

Cash-rich Landmark eyes London for possible deals

BERLIN (Reuters) - Dubai-based retail and property group Landmark is eyeing London as a potential target to spend some of its $1 billion (630 million pounds) acquisition warchest.

“We know London. It’s an area that we’re comfortable with, but that doesn’t mean it’s the only destination,” Renuka Jagtiani, chief executive of Landmark, said on the sidelines of the World Retail Congress.

She declined to comment on possible acquisition targets however, following speculation that the group was considering buying a UK-listed fashion retailer.

“We feel it’s the right time to look at acquisition targets, but we’re not at a stage with any acquisition where we can mention anyone.”

Dubai-based Landmark is headed by her husband, Indian tycoon Micky Jagtiani, and recently bought the Middle Eastern franchise of the Fitness First gym chain

Renuka Jagtiani added the group planned to expand Italian-themed restaurant and retail chain Carluccio’s, which it bought for $139 million in September, and launch it into new countries.

“We know the brand travels well. The next country we have in mind for example is Turkey.”

Reporting by Victoria Bryan, Editing by Mark Potter

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