Kwasa Logix Sportivo has exchanged contracts to acquire Sports Direct’s 1.82m sq ft distribution centre and headquarters in the East Midlands for £120.1m.
Kwasa Logix Sportivo, reportedly owned by Malaysia’s Employees Provident Fund, will acquire the warehouse and distribution centre from Sport Direct in an off-market sale and leaseback deal.
The 1.82m sq ft campus is in Shirebrook near Mansfield in Derbyshire. The facility was developed between 2004 and 2018. It comprises six buildings, including the national distribution centre, offices and two retail warehouse stores.
Rob Trevor, senior director and sector specialist for UK logistics at CBRE Global Investors, which advised Kwasa Logix Sportivo on the deal, said: “The facility at Shirebrook has been built to the highest specification, it is located in the heart of the East Midlands, the UK’s most active region for logistics, in 2018 and has access to a good labour pool. “
Michael Ness, head of UK at CBRE Global Investors, added: “Our client was looking for further diversification within their UK portfolio and this core acquisition increases their weighting to the industrial and logistics sector. The asset provides a highly attractive and secure long-term income stream.”
Michael Murray, head of elevation and innovation at Sports Direct, said: “We believe that this transaction will realise great long-term value for the business and its shareholders, as we continue to invest in our elevation strategy across the UK and Europe, while partnering with an investor who shares our vision.”
CBRE Global Investors was represented by DTRE and Clifford Chance; Gent Visick, CBRE and Dentons acted for Sports Direct.
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