Mike Ashley’s Sports Direct International Plc confirmed on Tuesday it has sold the freehold to its logistics HQ at Shirebrook near Mansfield to Malaysia’s Employees Provident Fund for just over £120 million in cash.

In a stock exchange statement, Sports Direct said: “Further to the announcement on 17 May 2019, the company announces that it has, through its wholly owned subsidiary Sportsdirect.com Retail Limited, agreed to dispose of the freehold property of Units A, B, C, D and F Brook Park East, Shirebrook, NG20 8RY to Kwasa Logix Sportivo Limited for a cash consideration of £120,050,000.

“Sports Direct will, on completion, take a 15 year lease of the property and intends to continue to operate the property as a distribution centre, offices and retail.

“The company intends to use the proceeds of sale towards the working capital of the company and its group operations.

“Completion is expected to occur on or before 21 June 2019.”

Malaysia’s Employees Provident Fund said in a separate statement it was attracted to the income stream the acquisition would generate and the deal would complement its British property portfolio.