Boohoo Group has sold its London head office to private real estate firm Global Holdings Group for £49.5m.
The Debenhams owner said the sale will “further strengthen” the company’s balance sheet and part of the proceeds will be used to pay down its £47m term loan due for repayment in August 2025. This will leave the business with a £125m revolving credit facility “which is sufficient for its needs going forward”.
Boohoo put the 43,963sq ft six-storey building at 10 Great Pulteney Street up for sale in August, just two years after acquiring it in 2021 for £72m.
The five-storey office block houses 400 to 500 employees across Boohoo Group’s London-based brands such as Burton, Coast, Debenhams, Dorothy Perkins, Karen Millen, Oasis, and Wallis, as well as other product, marketing, technology and central support roles across the group.
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Global Holdings Group said the building will now be managed by Global Holdings Management Group and the team will work closely with Boohoo to “ensure the workspace continues to provide the amenities and wellbeing credentials to help them attract and retain talent”.
The firm’s UK chief executive Josh Lawrence said: “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.
“We will now utilise our in-house design studio and asset management team to ensure 10 Great Pulteney Street continues to provide high-quality workspace for our occupiers.”
Last week it emerged that the retailer had suffered a setback in the sale of its London office after an Israeli investor pulled out of talks of a £60m deal following concerns raised by a survey.
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