// Sports Direct sells Shirebook HQ freehold to EPF
// Deal is said to be worth £120m
// Sports Direct will continue to operate on the site for the next 15 years as part of a lease
Mike Ashley’s Sports Direct has confirmed the £120 million sale of the freehold for its Shirebrook headquarters in a deal with a Malaysian pension fund.
The retail group sold the freehold to its 1.81m sq ft base to Kwasa Logix Sportivo, which is reportedly owned by the Malaysian Employees Provident Fund (EPF).
READ MORE:
On completion of the deal, Sports Direct will take a 15-year lease on the Shirebrook property and continue to operate it as a distribution centre, office and retail business.
It will use the sale proceeds to boost its working capital and put towards its group operations.
Meanwhile, Sports Direct’s Shirebrook headquarters freehold will fall under the ownership of EPF, which also owns one of the Battersea Power station redevelopment in south London.
The deal also comes a week after Ashley sold his entire 4.8 per cent stake in Australian online retailer Mysale last week.
Ashley has spent millions through Sports Direct to acquire House of Fraser, Sofa.com and Evans Cycles over the past year.
However, he was stung by the administration of Debenhams after he failed to secure a takeover of the department store chain and saw his stake wiped out as a consortium of lenders took control.
Click here to sign up to Retail Gazette‘s free daily email newsletter
