Global Holdings buys Boohoo HQ for £49.5m

Global Holdings Group has completed the acquisition of fashion retailer Boohoo’s West End HQ in a £49.5m deal. The investor has bought the 47,094 sq ft property at 10 Great Pulteney Street, W1, from the retailer. Boohoo said it would use proceeds from the sale to pay down its debt. “The action taken to dispose of this non-core and non-strategic asset will further strengthen the company’s balance sheet,” said the retailer. “This will leave the business with a £125m revolving credit facility, which is sufficient for its needs going forward.” The building includes 44,166 sq ft of grade-A office space and a self-contained block of five flats. Following the acquisition, 10 Great Pulteney Street will be managed by Global Holdings Management Group. The team will work closely with Boohoo to ensure the workspace continues to provide the amenities and wellbeing credentials to help it attract and retain talent. Global Holdings Management Group UK chief executive Josh Lawrence said: “As long-term investors in London’s West End office market, we are pleased to add another great building to our portfolio. 10 Great Pulteney Street, as well as the recent purchase of the Frith + Bateman building, allows us to capitalise on the demand we are seeing from occupiers keen to relocate to such a well-connected and fun place to work.  “We will now utilise our in-house design studio and asset management team to ensure 10 Great Pulteney Street continues to provide high-quality workspace for our occupiers.”