British Land ups Selfridges stake
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.BRITISH LAND has increased its stake in Selfridges, the department store group, fuelling speculation of a possible bid. British Land has increased its stake from 7 per cent to 9.4 per cent, pushing Selfridges shares 5.5p higher to 221p.
The property group started building a holding in Selfridges in August. The company, led by John Ritblat, refused to clarify its intentions towards Selfridges saying only that it has built the stake "for investment purposes".
Analysts have been sceptical about the possibility of a bid but say British Land might be interested in a sale and leaseback of Selfridges' valuable site on London's Oxford Street. According to BT Alex.Brown, Selfridges underlying asset value is 214p per share.
Selfridges has proved a volatile investment since its demerger from Sears last summer. But earlier this week it offered shareholders some reassurance when it issued a solid Christmas trading statement.
Sears, meanwhile, is battling against a hostile pounds 520m bid from a company fronted by Philip Green, the retail entrepreneur, and backed by the secretive Barclay Brothers.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments