Sports Direct sells headquarters for £120m to Malaysian group

sports direct

Sports Direct has confirmed the sale of its headquarters in a £120m ($153m) deal with a Malaysian pension fund.

Kwasa Logix Sportivo, said to be owned by the Employees Provident Fund (EPF), bought the freehold to the company’s base in Shirebrook, Derbyshire.

Mike Ashley’s discount sportswear retailer will take a 15-year lease and continue to operate from the site.

It comes amid speculation the tycoon is looking to take over further troubled retailers.

Mr Ashley is also said to be nearing the sale of Newcastle United after Dubai-based Sheikh Khaled Bin Zayed Al Nahyan revealed on Monday the pair had “agreed terms”.

Sports Direct Head Office

EPF manages the pension savings of more than seven million workers and also owns one of the Battersea Power station developments.

Sports Direct said proceeds from selling its HQ would be used to boost its working capital and put towards its group operations,

Last week Mr Ashley sold his entire 4.8% stake in struggling online firm Mysal.

Over the last year, he has taken over House of Fraser, and Evans Cycles, while Debenhams recently rejected two last-ditch takeover offers from Sports Direct after it went into administration.

The firm recently decided to close its warehouse in Wigan, threatening 300 jobs, and said employees would be offered alternative work at Shirebrook.