What: Saudi Arabia’s Public Investment Fund (PIF) has offered to increase its stake in the British retailer Selfridges to 50 percent.

Why it is important: This potential acquisition highlights the strategic investment interests of Saudi Arabia's PIF in global luxury retail markets and signals a significant shift in ownership structure for one of the UK’s iconic department stores.

Saudi Arabia’s Public Investment Fund (PIF) is looking to increase its stake in Selfridges to 50 percent by purchasing an additional 40 percent from Signa Prime’s property unit, which recently fell into insolvency. PIF already owns 10 percent of Selfridges’ properties and is conducting due diligence with advisors. This deal would also reduce PIF's claims against Signa by GBP 52 million and involve Bangkok Bank waiving EUR 733 million in claims related to Selfridges’ Oxford Street site. The other half of Selfridges is owned by Thai retail conglomerate Central Group, which has already taken over the store's operating business.

Saudi wealth fund offers to boost stake in Selfridges