Sports Direct International to acquire freehold property at Oxford Street, London from CIP Property Limited

Shirebrook, UK, 2016-Apr-14 — /EPR Retail News/ — Acquisition of new Oxford Street freehold

Sports Direct International plc (“Sports Direct”) announces that it has, through its wholly owned subsidiary SDI (Oxford Street) Limited, agreed to acquire the freehold property at 161-167 Oxford Street, London and 36 Poland Street, London (the “Property”) from CIP Property (AIPT) Limited, a nominee of Aviva Investors.

Sports Direct intends to redevelop the Property, following which it will use the retail part of the Property as a new FLANNELS.com flagship store, and the office space above as the Group’s new London office replacing its former offices at New Cavendish Street. The consideration payable for the Property is £108m, which will be funded from a combination of its existing resources and the Group’s bank facility. Completion of the acquisition is expected to occur by the end of April 2016.

Ends.

Sports Direct International plc
Dave Forsey, Chief Executive
Matt Pearson, Acting Chief Financial Officer
T: 0344 245 9200

KBA
Keith Bishop
T: 020 7734 9995

This information is provided by RNS
The company news service from the London Stock Exchange

Source: SPORTS DIRECT INTERNATIONAL PLC