After acquiring Billabong earlier in the year, Boardriders is set to sell the surf brand’s iconic head-quarters and lease it back to maintain occupation.
The California-based Boardriders acquired Billabong for around $208 million in April, and now owns a number of Australian surf-brands.
The sale of the Burleigh Heads based Billabong HQ is part of Boardrider’s strategy, according to Global President of Boardriders Greg Healy.
“The sale of the property is in line with our strategy to focus on our core business and free up cash to invest in our brands,” says Healy.
“Importantly, under the sale and lease back agreement, we will secure Boardriders’ long-term occupation of the property.”
As reported by the Gold Coast Bulletin, industry insiders are saying Boardriders wants between $45 to $50 million for the property.
Following the acquisition of Billabong in April, Boardriders now owns the Quiksilver, Billabong, Roxy, DC Shoes, RVCA, Element, VonZipper, Xcel, Kuston, and Palmer brands. Read more
Business News Australia – 8 November 2018