Sports Direct buys Oxford Street property

12th Apr 2016 07:40

(ShareCast News) - Sports Direct looked set to expand its West End footprint on Tuesday, acquiring the freehold property at 161-167 Oxford Street and 36 Poland Street from Aviva Investors nominee CIP Property.The FTSE 250 retailer said it intends to redevelop the property, after which it intends to use the retail part of the property as a flagship store for Flannels.com, with the office space above as the group's new London officer.It would replace its former offices at New Cavendish Street.The consideration payable for the property was £108m, which will be funded from a combination of its existing resources and the group's bank facility.Completion of the acquisition was expected by the end of April.