Frasers Group strengthens its UK property portfolio with major acquisitions in Exeter, Maidstone, and Gloucester.
- The group’s recent purchases cover a combined area of one million square feet.
- Acquired assets include notable shopping centres and a retail park.
- The acquisitions are seen as a move to revitalise high streets and boost retail spaces.
- Frasers Group continues its strategy of expanding through strategic real estate investments.
In a substantial move to bolster its property assets, Frasers Group has announced the acquisition of three significant sites in the United Kingdom. These acquisitions cover a vast area of one million square feet, significantly enhancing the group’s retail footprint.
Among the new assets is the Princesshay estate in Exeter, acquired from US-based asset manager Nuveen and the Crown Estate. This 600,000 square feet site hosts over 60 brands, including prominent names like Zara, Next, New Look, FatFace, and Reiss.
Additionally, the group has taken ownership of the Fremlin Walk shopping centre located in Maidstone, Kent. This site spans 350,000 square feet and is set to feature a 70,000 square feet refurbished flagship store along with a new 5,000 square feet Flannels outlet scheduled to open in the autumn.
Completing the trio of acquisitions is the Olympus Centre, a retail park in Gloucester’s Quedgeley, encompassing 65,000 square feet. This park further underlines Frasers Group’s commitment to expanding its physical retail presence.
The collective annual footfall at these sites is nearly 17 million, highlighting their potential to draw in substantial consumer traffic. Frasers Group has previously stated that investing in ‘high-potential retail properties’ is a key focus as it continues to reinforce its real estate portfolio across the UK.
CEO Michael Murray expressed, ‘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.’
The group’s ongoing strategy includes notable previous acquisitions, such as The Mall in Luton, the Overgate shopping centre in Dundee, and the Frenchgate shopping centre in Doncaster.
Frasers Group’s recent acquisitions align with its strategic mission to enhance its retail presence through targeted property investments.
