Luxe London store Selfridges sold for $5 bln

It will soon be sales season at London stores.

And some investors think they've already picked up a good deal at Selfridges.

A group of Thai and Austrian investors is buying the famous department store and associated businesses in a deal that sources say is worth almost $5.4 billion.

Founded in 1908, Selfridges is best known for its upscale outlet on London's Oxford Street.

Its history was dramatised in the TV series 'Mr Selfridge', starring Jeremy Piven.

Now the group employs 10,000 people in all, and has 25 stores worldwide.

Eighteen of those are included in the deal, with seven in Canada excluded.

Thailand's Central Group and Austrian real estate firm Signa Group already own department stores around Europe.

They hope to build a luxury hotel next to Selfridges' flagship branch.

The investors see the new deal as part of moves to build an upmarket store conglomerate.

It will be managed from London, with the potential for an eventual stock market listing.

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