PIF will partner with Central Group, a Thai-based company and the current co-owner, to take control of the Selfridges Group, which operates these stores in Ireland. This move follows the insolvency of Austrian real estate conglomerate Signa, which had co-owned Selfridges with Central until last year.

Under the deal, PIF will acquire a 40% stake in Selfridges, with Central retaining the remaining 60%. Last year, Central took majority control by converting a loan into equity and has now secured the remaining shares formerly held by Signa for an undisclosed amount in collaboration with PIF.

This transaction comes three years after Central and Signa jointly purchased Selfridges for £4 billion (€4.7 billion). Selfridges, originally founded in London in 1908 by Harry Gordon Selfridge, currently operates 18 department stores across the UK, Ireland, and the Netherlands.

The new ownership will include additional investments from both PIF and Central, aimed at bolstering Selfridges’ future growth and solidifying its position in the retail sector.

PIF, which also owns a majority stake in Newcastle United Football Club and holds investments in Heathrow Airport and the Rocco Forte hotel group, expressed excitement about the partnership. Turqi Al-Nowaiser, deputy governor and head of PIF’s international investments, stated, “We are pleased to be partnering with Central Group in Selfridges, one of Europe’s most iconic luxury department stores. This transaction allows Selfridges Group to build on its position as a premier retail destination.”

Tos Chirathivat, executive chairman and CEO of Central Group, welcomed the partnership with PIF, noting that it will significantly strengthen Selfridges’ financial standing. He added, “PIF is our partner of choice in this distinguished company, and together we will drive the Selfridges Group’s development and growth, leveraging PIF’s global investment track record and our expertise in luxury retail and brand management.”