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H&M owner Persson to buy entire village

May 24, 2009 at 2:58 PM

ANDOVER, England, May 24 (UPI) -- The British village of Andover and up to 2,000 acres of surrounding lands will soon be owned by H&M owner Stefan Persson, property industry sources say.

The unidentified sources said while contracts for the real estate deal have yet to be finalized, the owner of the Swedish fashion company plans to buy the Linkenholt estate and its surrounding lands for nearly $40 million, The Sunday Times of London said.

The land purchase by the second richest man in Sweden would include 21 homes where residents of villages currently live. No specifics were given regarding what will become of those residents once Persson's purchase is finalized.

The real estate deal will also leave Persson with a manor house, cricket ground, a 425-acre forest and 1,500 acres of farmland.

The Times said Persson's planned purchase of the Hampshire County property marks the Swedish tycoon's second significant land purchase in Britain. The 61-year-old already owns 8,500 acres of land in Wiltshire County.

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