Saudi Arabia’s Public Investment Fund (PIF) said on Monday that it will acquire a minority stake in the department store chain Selfridges after buying out the position of Signa Group. The sovereign fund said in a statement that it will take a 40 per cent shareholding in both the properties and the operating businesses of Selfridges, while the Thai retail conglomerate will own the remaining 60 per cent stake. “We are pleased to be partnering with Central Group in Selfridges Group, one of Europe’s most iconic luxury department stores.
The transaction allows Selfridges Group to build on its position as a premier retail destination,” said Turqi Al-Nowaiser, deputy governor and head of International Investments Division at PIF. The deal includes new investment by both PIF and Central to strengthen Selfridges Group’s position and support future development. Selfridges Group owns and operates 18 luxury department stores across three countries, including Selfridges in the UK, De Bijenkorf in the Netherlands, and Brown Thomas and Arnotts in Ireland.
Its flagship locations on London’s Oxford Street and Manchester’s Exchange Square are renowned as cultural and retail landmarks. PIF already held a 10 per cent stake in Selfridges properties after a Signa unit syndicated out a portion of its 50 per cent stake to the Saudi sovereign wealth fund. The fund did not disclose the value of the deal.
The fund is central to Crown Prince and Prime Minister Mohammad bin Salman’s plans.