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(From Financial Director)
Byline: Peter Bartram.
News that UK retailer Selfridges is thinking of raising up to GBP 360m from its flagship Oxford Street store ought to be a wake-up call for finance directors. Property has been off the boardroom agenda for too long. Indeed, in most companies, it has hardly been on it. But there are some compelling reasons why it should be looked at closely.
In Selfridges' case, the driver seems to be a desire by the new chief executive (and former FD) Peter Williams to strengthen the balance sheet. Selfridges is believed to have rejected the classic sale-and-leaseback approach in favour of a mortgage-type of ...