PIF forms partnership with Central Group for Selfridges
This transaction follows a binding agreement for the total buyout of Signa Group's interest in Selfridges Group by PIF, and is subject to customary and applicable regulatory approvals, said a Saudi Press Agency report.
Through this partnership, PIF will hold 40% of both Selfridges Group's operating and property companies, with Central Group owning the remaining 60%. The deal includes new investment by both PIF and Central to strengthen Selfridges Group's position and support future development.
This partnership aligns with PIF's strategy of investing in key strategic sectors globally and is underpinned by a shared vision to unlock further value in Selfridges Group. By combining PIF's investment capabilities with Central Group's industry leadership, this collaboration will accelerate the growth of Selfridges Group, cementing its position as a leading force in European luxury retail, it said.
Turqi Al-Nowaiser, Deputy Governor and Head of International Investments Division at PIF, said: 'We are pleased to be partnering with Central Group in Selfridges Group, one of Europe's most iconic luxury department stores. This transaction allows Selfridges Group to build on its position as a premier retail destination.'
Selfridges Group owns and operates 18 premier 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.
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