CBRE GI buys Sports Direct distribution centre in £120.1m sale and leaseback
CBRE Global Investors has bought a 1.82m sqft UK warehouse and distribution centre from Sports Direct in a £120.1m (€135.9m) deal.
The manager said it exchanged contracts, on behalf of an international separate account client, to buy the sporting goods retailer’s headquarters and national distribution centre located in Shirebrook near Mansfield in Derbyshire.
The property will be let to SportsDirect.com Retail for a term of 15 years. The campus consists of six buildings.
The facility was developed in phases since 2004 and the final phase was completed in 2018. The entire campus covers 75.24 acres and has over 1,300 car parking spaces.
Rob Trevor, a senior director and sector specialist for UK logistics, CBRE Global Investors, 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.
“In Sports Direct we have a long-term partner who has put its logistics supply chain at the centre of its highly successful business model. In summary, we believe our client has acquired one of the prime XXL warehouses in the UK “
Michael Ness, head of UK, CBRE Global Investors said: “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, whilst partnering with an investor who shares our vision.”