Och-Ziff buyer of TPG's Debenhams stake

The Debenhams store is seen on Oxford Street, in central London October 19, 2008.

LONDON (Reuters) - Hedge fund Och-Ziff has emerged as the buyer of TPG's stake in department store chain Debenhams after the U.S. buyout firm made its exit from the business earlier this week.

Och-Ziff, one of the world's largest hedge fund managers, said in a regulatory filing on Thursday it now owns 11.52 percent of Debenhams. The fund is also a shareholder in Peacocks, the British privately owned budget retail chain.

TPG sold its entire stake of more than 120 million shares -- about 9 percent of Debenhams stock -- earlier this week to a single unnamed hedge fund, a source said, netting the firm almost 100 million pounds and marking its exit from the business it refloated in 2006.

Prior to the transaction, Och-Ziff held some 18 million shares indirectly in Debenhams, according to the filing.

Och-Ziff declined to comment.

(Reporting by Simon Meads; editing by Simon Jessop)

(simon.meads@thomsonreuters.com; +44 20 7542 9969; Reuters Messaging: simon.meads.thomsonreuters.com@reuters.com))