Connect with us

Hi, what are you looking for?

Voguish.LifeVoguish.Life

News

Selfridges’ £4bn takeover backed by Saudi wealth

Photo credit: Chrispictures / Shutterstock

Saudi Arabia’s sovereign wealth fund has been revealed as a private financial backer of the £4bn takeover of Selfridges.

The Kingdom’s £500bn Public Investment Fund (PIF) acquired an interest in the luxury department store last August through Austrian property firm Signa Holding, The Telegraph reported.

The PIF held a minority contribution of the Signa fund that acquired a 50% stake in the retailer, teaming up with Thai retailer Central Group for equal partnership.


 

The fund’s interest in Selfridges via Signa reflects the way Saudi Arabia is using intermediaries to deploy its extensive wealth.

The deal completes a trio of high-profile investments from the PIF in the UK, after it became the second-largest shareholder in Aston Martin and acquired a majority ownership of Newcastle United in 2021.

The pair’s £4bn bid came after previous owners the Weston Family put the department store up for auction following the death of patriarch Galen Weston.

The deal resulted in extra debt being piled onto the structure that separates Selfridges’ property from its retail business.

The newspaper revealed that the London branch of Bangkok Bank provided a £1.7bn loan that is secured against the freehold of its London flagship store, which Swiss lender EFG Bank provided a loan secured against its Manchester location to help fund the acquisition.

 

You May Also Like

Fashion

Many people need a job to meet their basic needs and enjoy life to the fullest. It may take time to grow, but having...

Fashion

Winter is the perfect time to experiment with different knitwear styles as they offer both comfort and style. Adding some new knitwear pieces to...

Fashion

Prepare yourself for the fresh Fall/Winter 2021 lineup from Charles & Keith as we share our top picks. Charles & Keith is thrilled to...

Fashion

The holiday season is upon us, and with it comes the need for stunning jewelry to complete your party look. When you spot a...