Frasers Group has further strengthened its UK real estate portfolio by acquiring three new properties.
- The acquisitions of Princesshay estate in Exeter, Fremlin Walk shopping centre in Maidstone, and Olympus Centre in Gloucester add significant retail space.
- Spanning one million square feet in total, these sites boast an impressive annual footfall of nearly 17 million visitors.
- Frasers Group continues its strategic investment in high-potential retail properties, echoing previous acquisitions of notable shopping centres.
- CEO Michael Murray emphasises the importance of these acquisitions in revitalising high streets and physical retail locations.
Frasers Group has strategically expanded its property portfolio with the acquisition of three major retail sites. These include the 600,000 square foot Princesshay estate in Exeter, bought from US-based asset manager Nuveen and the Crown Estate. This site houses over 60 prominent brands such as Zara, Next, and Reiss, making it a key retail destination.
In Maidstone, Kent, Frasers Group acquired the 350,000 square foot Fremlin Walk shopping centre from M&G Real Estate. This site is set to welcome a refurbished 70,000 square foot flagship store for Frasers Group, alongside a new 5,000 square foot Flannels store, set to open this autumn. Together, these stores will further bolster the centre’s attraction.
Additionally, the acquisition of the Olympus Centre, a 65,000 square foot retail park located in Gloucester’s Quedgeley, further demonstrates Frasers Group’s commitment to enhancing its physical retail presence. These acquisitions reflect the group’s focus on acquiring properties that serve as primary retail destinations and unlock new growth opportunities.
Frasers Group’s recent purchases are part of an ongoing strategy to invest in ‘high-potential retail properties’ across the UK. This strategy has previously included the acquisition of key sites such as The Mall in Luton, purchased for £58 million, the Overgate shopping centre in Dundee for an estimated £30 million, and the Frenchgate shopping centre in Doncaster acquired in July.
CEO Michael Murray has highlighted the significance of these acquisitions, stating: ‘The acquisition of Princesshay, Fremlin Walk and The Olympus Centre reinforces our commitment to investing in physical retail. Securing properties which serve as the primary retail destination for the community remains a top priority for us.’ This assertion underscores Frasers Group’s dedication to revitalising high streets and physical shopping locations.
Frasers Group’s acquisition of these key properties marks a significant step in reinforcing its strategy of expanding and enhancing its retail presence across the UK.
