The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
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LONDON — Sports Direct, the sportswear retailer owned by British billionaire Mike Ashley, has sold the freehold to its Shirebrook logistics centre to Malaysia's Employees Provident Fund for just over £120 million ($152 million) in cash.
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.
Malaysia's Employees Provident Fund said in a separate statement it was attracted to the assured income stream the acquisition would generate, and as such the deal would complement its British property portfolio.
By Paul Sandle and Liz Lee; editors: Kate Holton and Jason Neely.
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