Selfridges’ property portfolio slashed by more than £600m

The value of Selfridges’ property portfolio has been written down by almost £640m, according to accounts filed at Companies House. Accounts for Cambridge Properties Holdings, the real estate-owning vehicle for the group, show a portfolio value of £2.5bn at 31 December 2023, down from £3.1bn a year earlier. Despite accruing income of £89.7m over the period, valuers at CBRE wrote down the portfolio, which includes Selfridges department store on London’s Oxford Street, by £638.6m –  or 20.6%. The accounts also reveal that more than £1.7bn of debt, maturing next August, is secured against Selfridges’ freehold property. Revenue across the property holding business grew from £49m to £141.3m, with a £264.1m profit becoming a £781.8m loss, caused primarily by the portfolio revaluation and £278.4m of loan interest expenses. Last week, Saudi Arabia’s Public Investment Fund struck a deal to buy a 40% stake in the business, following the collapse of real estate group Signa last year. Signa, with Thai conglomerate Central Group, had bought Selfridges from the billionaire Weston family in 2021 for £4bn.