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The Public Investment Fund (PIF) has made an offer to raise its stake in Selfridges to 50%, according to documents seen by Bloomberg News.
The Kingdom’s sovereign wealth fund already owns a 10% share in the Selfridges properties and has offered to buy the remaining 40% stake for a cash price of £1 million ($1.3 million) from Signa’s flagship property unit. The properties include sites in London’s Oxford Street and Manchester.
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PIF is undertaking due diligence with the help of advisers, according to the document. The other 50% of Selfridges is owned by the Thai retailer Central Group.
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