LONDON: Saudi Arabia’s Public Investment Fund (PIF) has made an offer that would boost its stake in Selfridges to 50%, according to documents seen by Bloomberg News, after the UK department store’s co-owner fell into insolvency.
PIF already owns a 10% share in the Selfridges properties and has offered to buy the remaining 40% stake for a cash price of £1mil (US$1.3mil) from Signa’s flagship property unit, according to an insolvency report dated July 15 filed by the division of the troubled real estate and retail empire.
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