THG explores sale of £250m HQ
THG is exploring the sale of its Manchester headquarters, with a real estate investor tipped to buy it.
The company's headquarters in Icon Business Park is currently owned by THG CEO Matt Moulding, who purchased the site in 2019 in a deal estimated to be worth £250 million, according to Business Live.
The complex, which is located near Manchester airport, extends over one million sq ft and includes five industrial units and an office.
According to a report to Warrington Council’s cabinet, SLBI Propco C Limited is looking to buy the business park.
The site is used as a security for a £128 million portion of a £202 million loan the council gave to the group of companies controlled by Guernsey-based Moulding Capital in 2020.
The council is to transfer £128 million secured against the site to SLBI Propco C in order for the sale to complete.
SLBI Propco C is managed by ICG Longbow, a European real estate investor with a 35-year track record of investing and a €70 billion Assets Under Management.
The potential sale comes after a loan worth £67.5 million to fund THG's new headquarters was cancelled at the start of this year.
Trafford Council first agreed the debt facility with THG in January 2020 as part of a wider £1 billion capital fundraising drive. The new headquarters was due to be developed by Airport City Manchester and provide over 300,000 sq ft of office space and car parking facilities.
