Sports Direct buys £95m Frasers building

Sports Direct International plc, run by Mike Ashley, said it agreed to buy the freehold of the Frasers department store in Glasgow for £95 million.

Sports Direct agreed to buy it from Glasgow City Council, the administering authority for the Strathclyde Pension Fund.

Frasers trades as part of the House of Fraser business which Sports Direct bough for £90 million in August.

“Sports Direct International plc announces that it has, through its wholly owned subsidiary SDI (Propco 66) Limited, agreed to acquire the heritable interest in 21/31 Buchanan Street, 8 & 24/28 Mitchell Street, 140/142 Argyle Street, 148/152 Argyle Street, 35/53 Buchanan Street and 34/50 Mitchell Street, Glasgow from Glasgow City Council as administering authority for The Strathclyde Pension Fund,” said Sports Direct in a stock exchange statement.

“Sports Direct intends to continue to operate the property as Frasers and will invest in the property to further elevate and enhance this iconic department store.

“The consideration payable for the property is £95m, which will be funded from the group’s cash resources.  

“Completion is to take place in January 2020.”