The parent company of the seven Dutch Bijenkorf department stores is being taken over by Thai and Austrian companies in a 50:50 partnership.

The Canadian Weston family have agreed to sell the Selfridges Group to Central, a family-owned retail, real estate and hospitality firm and Signa, an Austrian real estate and retail company.

Central and Signa already own Germany’s Kaufhaus des Westens, llum in Denmark, Globus in Switzerland and Italy’s Rinascente. Central Group also has considerable retail interests in Thailand.

Financial details of the transaction were not disclosed but earlier it was reported the Weston family wanted €4.7bn for the group. Selfridges took over the Bijenkorf in 2011 and 18 months later closed five of the 12 stores.