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Mike Ashley moves into luxury London property market

Mike Ashley is entering the luxury property market in London with a new £200m deal.

London Property Market Investments

The Newcastle United owner is believed to have secured a deal with department store chain John Lewis for the Clearings storage depot site in west London.

 

The site, located in Chelsea, has achieved planning permission for a luxury residential development comprising of 62 flats and 7 townhouses.

 

Mr Ashley is believed to be providing the funding for the deal, with property developers Citygrove and McLaren completing the purchase. In providing the finance for the deal, the Sports Direct founder is likely to receive up to £900m from the development upon its completion.

 

The funding is believed to have taken place through the holding company, Mash Holdings. Profits for the company have more than doubled in the year up to April 2014, increasing from £256m to £543m. The increase was driven by Mr Ashley selling his majority stake in the Sports Direct retail chain, with the sale of shares generating £283m.

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