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Sports Direct to buy Frasers building in Glasgow for £95M

U.K. sports and leisure clothing retailer Sports Direct entered into a £95 million deal to buy the heritable interest in the Frasers building in Glasgow from Glasgow City Council, which is acting as the administering authority for The Strathclyde Pension Fund.

Sports Direct said in a release that it will continue to operate the building under the brand of struggling British department store chain House of Fraser Group Ltd., which it acquired from administrators for £90 million in August. Additionally, it plans to invest in upgrades to the department store, located at 21/31 Buchanan St., 8 & 24/28 Mitchell St., 140/142 and 148/152 Argyle St., 35/53 Buchanan St. and 34/50 Mitchell St.

The deal, carried out through Sports Direct's subsidiary SDI (Propco 66) Ltd., is expected to close in January 2020. The buyer will fund the transaction using the group's cash resources.