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The Public Investment Fund (PIF) has reportedly offered up to GBP 1 mn to take an additional 40% stake of embattled UK department store Selfridges from Austria outfit Signa, Bloomberg reported yesterday, citing documents it says it has seen. The sovereign fund already owns a 10% stake in Selfridges. The remaining 50% of Selfridges is owned by Thai multinational retail conglomerate Central Group.
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Ironing out the details: The PIF has offered to buy the remaining stake from Signa’s flagship property unit, the documents showed, with the fund currently undergoing due diligence with advisors. It would also lower some of its claims against Signa as part of the potential agreement, according to the document.
Insolvency: Signa, which was founded by self-made bn’aire Rene Benko, declared insolvency along with parts of the property empire last year. Benko himself filed for personal insolvency at an Austrian court earlier this year.
We knew a play for Selfridges was ongoing: Central Group was reportedly in talks with PIF as the Thai outfit looked to boost its Selfridges stake.
