Thailand’s retail conglomerate Central Group has taken control of UK-based Selfridges Group as its joint venture partner Signa Holdings faces a property crisis.

Central Group converted a loan provided by one of its subsidiaries to the Selfridges Group into equity, which “solidifies’ it as an owner-operator of the largest European luxury department store group. 

The move, subject to relevant regulatory and anti-trust approvals, follows Signa Group founder and chairman Rene Benko’s resignation earlier this month, who handed the real estate company to restructuring expert Arndt Geiwitz. 

Central Group and Signa Holding completed their $5 billion acquisition of Selfridges Group from the billionaire Weston Family last year. Founded in 1908 by Harry Gordon Selfridge, Selfridges Group’s portfolio includes Brown Thomas & Arnotts in Ireland and De Bijenkorf in the Netherlands. 

Central Group is owned by the billionaire Chirathivat family, which Forbes ranks as Thailand’s fourth richest family.