Central likely to boost control of Selfridges as property assets come up for sale

Thailand’s Central Group is likely to get a chance to strengthen its control of Selfridges further following news that some Signa group assets are up for sale.

Central and Signa teamed up to buy Selfridges Group (including the eponymous department stores plus Brown Thomas, Arnotts and De Bijenkorf) for around £4 billion last year with each having a 50% stake. But Signa’s well publicised woes saw Central stepping in to gain control of the Selfridges operating company.

And now it’s expected to do the same with the property division, The Sunday Times has claimed. 

As we reported a few days ago, Signa property unit Signa Prime Selection has filed for insolvency. And German newspapers have said that most of the division’s €19.3 billion (£16.8 billion) of assets are to be sold to recover creditors’ money.

Analysts see Central as keen to tighten its grip on the property division of Selfridges Group after it gained majority ownership of the operating division last month when it converted a loan into equity.

Again, as we reported earlier, the Selfridges property company’s accounts last week revealed that it was in talks on fresh funding with its backers.