Frasers Group continues acquisition spree with Lancaster shopping centre purchase
Frasers Group has continued to expand its retail property portfolio with the acquisition of St Nicholas Arcade in Lancaster.
The 160,000 sq ft scheme is located in the town’s historic centre and is home to retailers including Next, Boots, HMV, and The Entertainer.
Michael Murray, chief executive of Frasers Group, said: “At Frasers, we have always been strong believers in physical retail, and this acquisition demonstrates our ongoing commitment to supporting brick-and-mortar in the UK.
“By acquiring key retail sites, we are able to unlock new growth opportunities and revitalise high streets across the country, delivering unparalleled shopping experiences for consumers.
“This acquisition is also another step in developing our property segment, which is set to deliver significant long-term value for the group.”
The purchase is the latest in a series of acquisitions by the group, which in July snapped up Doncaster’s Frenchgate Centre. Last year, it purchased The Mall Luton for £58m, the Overgate shopping centre in Dundee for £30m, and spent over £45m on the Junction 32 outlet centre in Castleford, West Yorkshire.
Frasers Group is also reportedly the frontrunner to acquire Fremlin Walk in Maidstone, Kent and is in talks to purchase full ownership of Princesshay shopping centre in Exeter, according to reports.