Saudi Arabia’s Public Investment Fund (PIF) unveiled on Monday that it will forge a strategic partnership with Central Group, a leading retail, real estate and hospitality conglomerate.
40% Acquisition
According to the Saudi Press Agency (SPA), the partnership will allow PIF to acquire a 40% interest in Selfridges Group.
The partnership follows a binding agreement for the total buyout of Signa Group’s interest in Selfridges Group by PIF.
New Deal
Through the new partnership, PIF will own 40% of both Selfridges Group’s operating and property companies, while Central Group will hold the remaining 60%.
Interestingly, the new deal will boast new investments by both PIF and Central to foster Selfridges Group’s position and lead future development.
“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,” Turqi Al-Nowaiser, Deputy Governor and Head of International Investments Division at PIF, said.
Shared Vision
The partnership aligns with PIF’s strategy of investing in key strategic sectors globally. This strategy is based on a shared vision aiming at supporting capabilities and potentials of Selfridges Group.
Moreover, the deal represents a promising combination between PIF’s investment capabilities and Central Group’s industry leadership.
Thus, both entities will accelerate the growth of Selfridges Group and strengthen its position as a leading force in European luxury retail.
Selfridges Group
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.
In addition to these prominent stores, the group’s locations in London’s Oxford Street and Manchester’s Exchange Square are renowned as cultural and retail landmarks.
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