Finance
Saudi Wealth Fund Offers to Boost Stake in Selfridges to 50%
- Wealth fund could buy rest of stake from co-owner Signa Prime
- Selfridges properties include Oxford Street, Manchester stores
The Selfridges & Co. department store in London.
Photographer: Jose Sarmento Matos/BloombergThis article is for subscribers only.
Saudi Arabia’s Public Investment Fund has made an offer that would boost its stake in Selfridges to 50%, according to documents seen by Bloomberg News, after the UK department store’s co-owner fell into insolvency.
PIF already owns a 10% share in the Selfridges properties and has offered to buy the remaining 40% stake for a cash price of £1 million ($1.3 million) from Signa’s flagship property unit, according to an insolvency report filed by the division of the troubled real estate and retail empire dated July 15. The properties include sites in London’s Oxford Street and Manchester.