London, July 21, 2024 – The Saudi Public Investment Fund (PIF) has made a significant move in the retail sector, offering to increase its stake in Selfridges to 50%. According to a report by Bloomberg, the PIF currently holds a 10% stake in the iconic British department store and has proposed acquiring an additional 40% stake in cash.
The deal would involve purchasing properties located on Oxford Street and Manchester in London. These prime real estate assets are part of Selfridges’ portfolio, making them a valuable addition to the PIF’s holdings.
Advisors are assisting the Public Investment Fund in conducting due diligence as they evaluate the potential investment. The move reflects the PIF’s strategic interest in expanding its presence in the retail industry.
However, the remaining 50% stake in Selfridges is currently owned by Thailand’s Central Group, a prominent retail conglomerate. Negotiations between the PIF and Central Group will determine the outcome of this proposed transaction.
Selfridges, known for its luxury fashion, beauty, and lifestyle offerings, has been a fixture on Oxford Street for over a century. If the deal goes through, the PIF’s increased stake would solidify its position in one of London’s most prestigious retail landmarks.
