Luxury British store chain Selfridges is being sold to a Thai retailer and an Austrian property company in a deal that a source close to the matter said was worth around 4 billion pounds ($5.37 billion).
Thailand's Central Group and Austrian real estate company Signa Group, which already jointly own major department stores across Europe, said on Thursday they had struck a deal for the chain best known for its Oxford Street store in London.
Signa and Central will take over 18 of the 25 stores and hope to build a luxury hotel alongside the Oxford Street flagship, the source said, adding that seven department stores in Canada were not part of the package. The conglomerate will be managed from a holding company in London, with the potential for an eventual stock exchange listing, although local management of the stores in other countries will remain, the source said.
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