What: Iconic department store goes on market for GBP 4 billion.

Why is it important: No formal bid has yet been tabled but a small number of parties have already expressed potential interest with sovereign wealth funds of Abu Dhabi, Saudi Arabia and Qatar all named possible bidders alongside Hong Kong’s Lane Crawford.

The Weston family has launched a formal auction to sell the historic department store business. The process could be completed by the end of the year. It was first reported last month that the retail business could be sold after an unnamed bidder approached the Westons, who own a majority stake in Primark owner Associated British Foods, with a move to buy Selfridges.

Selfridges is for sale