Frasers Group targets full ownership of Exeter’s Princesshay
Frasers Group is in talks to purchase full ownership of Princesshay shopping centre in Exeter, according to reports.
The Times Reports that the Mike Ashley-founded retail group is in seperate discussions with joint owners Nuveen and The Crown Estate regarding a purchase of their respective 50% stakes in the scheme.
If both negotiations go through, it is estimated that Frasers Group would invest around £80m into the shopping centre, which generates over £9.1m of gross income each year.
The 400,000 sq ft asset comprises retail units, food and beverage and leisure space, and offices. Key tenants include Next, Zara, and Reiss, with F&B operators at the scheme including Nando’s, Wagamama, and Yo! Sushi.
Nuveen purchased its stake in Princesshay from Landsec a decade ago. Earlier this year, it was reported that the US-based asset management firm had placed its stake on the market, with Savills appointed to handle the sale.
Frasers Group has previously purchased retail assets of this size. Last year, acquisitions included The Mall in Luton and the Junction 32 outlet centre in Castleford, Yorkshire.