The value of Selfridges’ property portfolio was slashed by more than half a billion pounds last year, underlining the challenges facing the illustrious department store group as its ownership changes for the second time in three years.
Accounts for Selfridges’ property holding company reveal that valuers marked down its £3.1 billion of property assets — which include its flagship store on London’s Oxford Street — by £638.6 million, a fall of 20.6 per cent. More than £1.7 billion of loans, maturing in August 2025, are secured against Selfridges’ freehold property.
Saudi Arabia’s Public Investment Fund (PIF) last week struck a deal to buy a 40 per cent stake in Selfridges Group, which includes Selfridges, as well as the department store chains De Bijenkorf in the