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Malaysia pension fund buys Sports Direct HQ

Mike Ashley’s Sports Direct Group headquarters has been sold to Malaysia’s Employees Provident Fund (EPF) for $153 million (£120m), the Sunday Times has reported.

The sports retailer also said that upon completion of the deal, it will take a 15-year lease on the Shirebrook property and continue to operate it as a distribution centre, offices and retail unit. 

It will use the £120m as working capital for the group.

It comes after Sports Direct said earlier this month that it was in advanced negotiations to sell Shirebrook to KWAA Logix Sportivo, which is reportedly owned by EPF. 

In a statement, Sports Direct said “Further to the announcement on 17 May 2019, the Company announces that it has, through its wholly owned subsidiary Retail Limited, agreed to dispose of the freehold property of Units A, B, C, D and F Brook Park East, Shirebrook, NG20 8RY (the “Property”) to Kwasa Logix Sportivo Limited for a cash consideration of £120,050,000.

“Sports Direct will, on completion, take a 15-year lease of the Property and intends to continue to operate the Property as a distribution centre, offices and retail. The Company intends to use the proceeds of sale towards the working capital of the Company and its group operations.

“Completion is expected to occur on or before 21 June 2019.”

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