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UK: The new owners of retailer Selfridges have revealed plans to add serviced apartments and reinstate a hotel at the brand’s Oxford Street store.
Austrian real estate group Signa and Thai retailer Central Group acquired Selfridges from the Weston family in a £4 billion deal in late December.
Part of the Oxford Street property has been empty since 2008 when the former Selfridges Hotel was closed.
Signa’s executive chair Dieter Berninghaus says the new owners’ plans to redevelop the space in to a luxury hotel and serviced apartments will result in “significant value upside potential”.
“The purchase price merely reflects the valuation of the main Selfridges building and its retail utilisation,” he added.
