British fashion label Jaeger is currently searching for a new company headquarters, as the heritage brand revealed the sales of its former head office.
Jaeger had been headquartered in the Jaeger House on 57 Broadwick Street in Soho since the 1970s. However Derwent London, real estate investment firm, sold the head office for 30.75 million pounds before costs, which is 7 million pounds more than the original asking price, reported the Telegraph.
The 24,900 square foot office and retail space is let on a lease to Jaeger London Limited, which is due to expire in June 2015. John Burns, Chief Executive Officer at Derwent London, commented on the sale: "The disposal is in line with our strategy of making opportunistic sales into a competitive investment market."
The move is the latest step for the fashion retailer, which was acquired by Better Capital nearly a year ago, who is in the middle of a five year turnaround plan to diminish debts and improve business.