Sports Direct confirms sale and leaseback deal for headquarters

Company will take a 15 year lease on the property

Photograph: iStock

Photograph: iStock

 

Sports Direct, the sportswear retailer owned by billionaire Mike Ashley, confirmed the sale of the freehold to its Shirebrook logistics centre to Kwasa Logix Sportivo for just over £120 million in cash on Tuesday.

Sports Direct, which will take a 15-year lease on the property, said the proceeds would be used for group operations and to boost its working capital.

The Sunday Times said the buyer was owned by Malaysia’s Employees Provident Fund. – Reuters