Saudi Arabia’s sovereign wealth fund the Public Investment Fund (PIF) has offered to acquire an additional 40% stake in the Selfridges properties, according to documents obtained by Bloomberg News.
The move comes after Signa Holding, the co-owner of the retailer, went into insolvency in December 2023.
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PIF, which currently holds a 10% share in the properties, aims to acquire the additional stake from Signa’s flagship property unit for £1m ($1.3m) in cash.
The fund will then have raised its stake in the UK department store Selfridges to 50%.
The remaining half of Selfridges is held by Thai retail conglomerate the Central Group.
The properties to be purchased by PIF include locations on London’s Oxford Street and in Manchester.
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By GlobalDataThe Saudi wealth fund is reportedly conducting due diligence with the assistance of advisers.
The potential acquisition is part of the broader dissolution of the Selfridges empire, established by Austrian real estate, media and retail investor Rene Benko, which began after the insolvency of key property units at the end of 2023.
Benko acquired a stake in Selfridges in 2022, later syndicating part of its 50% share to PIF.
As part of the proposed deal, PIF would also reduce its claims against Signa by up to £52m.
Bangkok Bank, the senior lender for the Selfridges Oxford Street property, is also expected to relinquish claims against Signa Prime totalling approximately €733m.
Signa previously shared ownership of Selfridges’ operational business with Central Group, which has now assumed full control.
Founded in 1908 by Harry Gordon Selfridge, the department store chain is known for its flagship store on Oxford Street, a long-standing emblem of luxury retail in London.
