Game Digital boosts cash with sale-and-leaseback of HQ
Game Digital has agreed to sell its head office and distribution centre freehold for £13.5m in a sale-and-leaseback deal.
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The computer games and consoles retailer, which agreed 17-year lease and an annual rent of £1.06m with purchaser Portsmouth Estates Developments, will record a £6.2m exceptional gain in the next financial year as the properties are held on its balance sheet at £7m, with transaction costs of £0.3m expected.
"The proceeds of the sale will be retained in the group and be used to re-invest in the business," Game said.
It will continue to operate its principal UK business activities from the Basingstoke office and continue to use its distribution centre as its primary UK store and online storage and fulfilment centre.