Saudi Arabia’s Public Investment Fund (PIF) is now a joint owner of the business behind upmarket department store chain, Selfridges, it has been confirmed.
Thai investor Central Group has announced a deal which will see it own 60 per cent of the group’s operating and property companies, with the PIF owning the rest.
Central Group is owned by the Chirathivat family and became the majority owner of Selfridges towards the end of 2023.
It made that deal after Benko’s Signa property empire ran into financial difficulties and collapsed.
The PIF has now acquired Signa’s interest in Selfridges for an undisclosed sum.
Selfridges Group owns and operates 18 department stores in three countries: Selfridges in the United Kingdom, De Bijenkorf in the Netherlands, and Brown Thomas and Arnotts in Ireland.
The portfolio includes the properties in Oxford Street, London, as well as in Manchester.
Selfridges ‘ready to embark on a new chapter’
Tos Chirathivat, executive chairman and chief executive of Central Group, said: “We became the majority shareholder in Selfridges Group’s operating company in November last year.
“Today, we are glad to welcome our new partner PIF, and together we will immensely strengthen the Selfridges Group’s financial position.
“The group is ready to embark on a new chapter of development and growth supported by the shared long-term vision of its shareholders.
“PIF is Central’s partner of choice in this distinguished company, and we are confident that PIF’s proven global track record of investments combined with our luxury retail industry expertise, brand management skills and innovative approach, will allow Selfridges Group to continue to flourish for the benefit of all its stakeholders.”
J.P. Morgan acted as the financial advisor and Cleary Gottlieb Steen & Hamilton LLP as the legal advisor to the Central Group on the deal.