PIF offers to up stake in Selfridges to 50%: Report

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.

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.