EPF SPLURGES RM640 MILLION ON U.K. RETAIL COMPANY’S WAREHOUSE COMPLEX

THE Employees Provident Fund (EPF) has purchased UK-based retail company Sports Direct International PLC’s warehouse complex for £120 million (RM639.6 million), according to The Times of London.

The report said the pension fund, which manages the savings of more than seven million employees, is the new landlord of Sports Direct’s Derbyshire headquarters in Shirebrook.

Quoting industry sources, the report named EPF as the owner of KWAA Logix Sportivo, the company that had purchased the complex from Sports Direct owner Mike Ashley, who also owns football club Newcastle United.

“Sports Direct, which turned over £3.4 billion last year, said this month it had sold Shirebrook to KWAA Logix Sportivo, a special-purpose vehicle. Industry sources identified EPF as the owner,” the report read.

Sports Direct will also enter into a leaseback arrangement with the purchaser for at least 15 years.

EPF’s investments in the UK include the Battersea power station.

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