Selfridges sold for £4bn to Thai and Austrian bigwigs

A Thai retailer and an Austrian property company have bought Selfridges for an estimated £4bn ($5.36bn).

Thailand’s Central Group and Austrian real estate company Signa Holding already jointly own major department stores in Italy, Germany and Denmark.

The deal with the Westons includes Selfridges’ four UK stores – in London, Birmingham and two in Manchester – as well as Brown Thomas and Arnotts in Ireland and De Bijenkorf in the Netherlands. It also covers about £2bn of the chain’s prime property assets, including the freehold of its listed Oxford Street flagship store in London.

“It is a privilege to be acquiring Selfridges Group, including the flagship Oxford Street store, which has been at the centre of London’s most famous shopping street for over 100 years,” Central Group’s chief executive Tos Chirathivat said in a statement.

“Together we will work with the world’s leading architects to sensitively reimagine the stores in each location, transforming these iconic destinations into sustainable, energy-efficient, modern spaces, whilst staying true to their architectural and cultural heritage,” Signa’s chairman Dieter Berninghaus said.