– Saudi Arabia’s Public Investment Fund (PIF) has offered to raise its stake in Selfridges to 50% for £1 million ($1.3 million), increasing its current 10% share, with the remaining ownership split between Signa (40%) and the Thai retail conglomerate Central Group (50%).

– PIF is performing due diligence with advisers and aims to reduce its claims against Signa by up to £52 million as a creditor, according to an insolvency report reviewed by Bloomberg.

-With an estimated $925 billion in assets, PIF holds significant investments in the UK, including stakes in Aston Martin, Newcastle United, and a recent agreement to acquire most of Ferrovial’s 25% stake in Heathrow Airport, retaining 5.25%.

Saudi Arabia’s Public Investment Fund (PIF) has proposed increasing its stake in the luxury UK retailer Selfridges to 50% for £1 million ($1.3 million), as reported by Bloomberg.

Currently, PIF holds a 10% stake in Selfridges. The beleaguered property empire Signa owns 40%, and the remaining 50% is owned by the Thai retail conglomerate Central Group. An insolvency report filed by Signa’s property group and reviewed by Bloomberg indicates that PIF has made a cash offer for Signa’s 40% share.

The Saudi wealth fund is conducting due diligence with assistance from advisers. As a creditor of Signa, the deal could potentially reduce PIF’s claims against the group by up to £52 million.

Selfridges properties include prime locations such as London’s Oxford Street and Manchester. Selfridges was acquired by Austria’s Signa and Central Group in 2021 for £4 billion. After Signa’s financial collapse last year, the Thai company reportedly sought a new partner.

Signa’s bankruptcy is the largest in Austria’s history, involving a conglomerate founded by Austrian tycoon Rene Benko that declared bankruptcy at the end of last year.

Saudi’s PIF, with total assets estimated at $925 billion, has multiple investments in the UK, including stakes in Aston Martin and Newcastle United football club. Last month, infrastructure giant Ferrovial announced it had agreed to sell most of its 25% stake in Heathrow Airport to French private equity fund Ardian and PIF, retaining only 5.25%.