Selfridges’ property portfolio value plummeted by more than £600m last year

Accounts for the department store’s property holding company show valuers marked down its £3.1bn of assets by £638.6m, a drop of 20.6%, as reported by The Times.

The property assets that have been devalued include the Selfridges flagship store on London’s Oxford Street, as well as the store in Manchester’s Exchange Square.

More than £1.7bn of loans are set to mature in August 2025 and are secured against Selfridges’ freehold property.

A Selfridges spokesperson said the devaluations were largely due to “external market factors” including interest rates and prevailing market rents.

The news comes after Saudi Arabia’s Public Investment Fund (PIF) bought Signa Group’s interest in the business and now owns 40% of the department store chain.

Selfridges majority owner Central Group announced the new partnership and will still own 60% of Selfridges Group.

Selfridges declined to share any financial terms of last week’s deal.

Central Group said the deal includes new investment from both parties to “strengthen Selfridges Group’s financial position” and support its growth.