Frasers Group snaps up Luton shopping centre for £58m

Mike Ashley’s Frasers Group has completed the acquisition of The Mall in Luton for £58m from Capital & Regional.

Frasers Group already operates a Sports Direct store within the scheme and is reportedly looking to convert the former Debenhams site into outlets for a number of Frasers-owned brands.

In February, the buying price for the 900,000 sq ft scheme was reported to be in the region of £70m. At the time it was also reported that Frasers Group was considering the purchase of Legal & General’s Overgate centre in Dundee for £30m.

Frasers Group has made a series of acquisitions over recent months, having acquired a stake in Hugo Boss, snapping up a number of brands from JD Sports, and taking over Missguided, I saw It First, Amara, and Gieves & Hawkes, amongst others.

Capital & Regional said it had previously deconsolidated its interest in The Mall, meaning the transaction does not result in any profit or loss on disposal. American financial services giant Wells Fargo had taken control of the site.