Following its purchase of a 40 percent stake in Selfridges Group, Saudi Arabia’s Public Investment Fund (PIF) announced on Monday that it will establish a strategic alliance with Central Group, a prominent retail, real estate, and hotel conglomerate. This deal is contingent upon customary and relevant regulatory clearances and comes after a legally binding agreement for PIF to acquire Signa Group’s stake in Selfridges Group fully.
The Saudi sovereign wealth fund will possess 40% of the Selfridges Group’s real estate and operating businesses as a result of this arrangement, with Central Group holding the other 60%. Both PIF and Central have made fresh investments as part of the agreement to bolster the standing of Selfridges Group and encourage further growth.
This collaboration is supported by a common goal to increase the value of the Selfridges Group and is consistent with PIF’s strategy of investing in important strategic industries worldwide. By fusing PIF’s investment skills with Central Group’s industry competence, this partnership will strengthen Selfridges Group’s position as a major player in European luxury retail.
“We are delighted to be collaborating with Central Group in Selfridges Group, one of Europe’s most recognisable luxury department stores,” stated Turqi Al-Nowaiser, deputy governor and head of PIF’s International Investments Division. Selfridges Group can further solidify its standing as a top shopping destination through this deal.
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