Boohoo sells London office for £49.5m

Online fashion retailer Boohoo said on Monday that it has completed the sale of its London office, located on Great Pulteney Street, Soho, for £49.5m in cash.

The property was sold to independent property fund Global Holdings UK Limited.

"The action taken to dispose of this non-core and non-strategic asset will further strengthen the company's balance sheet," Boohoo said.

Part of the proceeds will be used to pay down the remainder of the term loan, which was due for repayment in August 2025.

Boohoo said this will leave the business with a £125m revolving credit facility which is sufficient for its needs going forward.