The Public Investment Fund (PIF) will acquire a 40% stake in the UK-headquartered upscale department store and clothing brand “Selfridges” as part of a strategic partnership with Thai firm “Central Group,” a company operating in the retail, hospitality, and real estate sectors.
European Interest
PIF has inked a binding agreement to buy out the entire 40% stake of Austria’s largest real estate developer “Signa Group” in “Selfridges,” leaving the remaining 60% ownership to “Central Group.”
The deal includes new investments to strengthen Selfridges Group’s financial position and support the group’s future development.
The agreement is still subject to regulatory approvals and conditions.
So What
Selfridges owns 18 luxury stores across three countries, including the UK, De Bijenkorf in the Netherlands, and Brown Thomas and Arnotts in Ireland.
The properties it owns on Oxford Street in London and Selfridges Exchange Square in Manchester are iconic landmarks.
Some context
This partnership is in line with the PIF’s strategy to invest globally in sectors it deems strategic.
It is also aligned with a “shared vision” aimed at realizing the full expansion potential of the “Selfridges” group.
The fund noted that its extensive investment capabilities, along with “Central’s” leadership on the operations and real estate fronts, will fuel the growth of Selfridges while also cementing its status as a leading luxury shopping destination in Europe.
Now what
The Public Investment Fund, one of the largest sovereign wealth funds in the world, has reduced its stake in Japanese gaming giant “Nintendo” by 1.04% to 7.54%.
The fund sold approximately 17.3 million shares of the company, which is known for developing iconic games such as Super Mario Bros and The Legend of Zelda.
Despite the sell-off of the shares, PIF still retains its position as the largest shareholder in “Nintendo,” according to data by Bloomberg.
It is worth noting that Saudi Arabia aims to become a “global player” in the electronic gaming industry as part of its efforts to diversify its economy away from oil.
The country aims to channel USD 38 billion to realize this target via its subsidiary “Savvy Games Group.”
