PIF, also a creditor of former co-owner Signa, is believed to have made a cash offer for the stake which, if accepted, would end the uncertainty over Selfridges’ ownership that has hovered over the company since Signa filed for bankruptcy earlier this year, reports Bloomberg.
PIF already owns a 10% share in the Selfridges properties and has offered to buy the remaining 40% stake for a cash price of 1.2 million euros from Signa’s flagship property unit, according to an insolvency report filed by the division of the troubled real estate and retail empire dated July 15. The properties include sites in London’s Oxford Street and Manchester.
Acquiring the additional stake would allow PIF to reduce its claims against Signa by up to 62 million euros and streamline the ownership structure of Selfridges’ assets amidst financial restructuring.
