Online fashion giant Boohoo sells London HQ for £49.5m to help clear debt
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Boohoo has waved goodbye to its London head office, located in the heart of Soho, bringing in £49.5m with the sale. The online fashion giant disclosed to investors on Monday that the property on Great Pulteney Street has been passed on to property specialists Global Holdings UK. It comes three years after paying £72m for the premises.
Economic headwinds and dwindling sales forced Boohoo to put the prime real estate on the market earlier this year. Selling off what it dubbed a "non-core and non-strategic asset" is part of Boohoo's game plan to strengthen its financial foundations. The proceeds from the deal are earmarked for clearing the outstanding balance of a loan due by August 2025. Boohoo will still have access to a £125m credit facility to underpin its ongoing business adventures. Global Holdings said the site includes five floors of Grade A office space and five residential units.
Josh Lawrence, chief executive at Global Holdings Management Group UK, shared: "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.".
