Frasers Group, well-known for its acquisitions in the retail industry, is now shifting its attention towards shopping centres. According to reports, the group is currently in talks to purchase two urban shopping centres worth a combined total of £100 million. The Mall in Luton and the Overgate centre in Dundee are being discussed as potential acquisitions, with The Times being the first to report on the news. While Frasers is currently the leading contender for both properties, the exact valuations of the deals remain uncertain. Frasers Group has decided not to comment on the matter at this time.

The Mall in Luton is currently being sold by Wells Fargo, the lender that has taken control of the asset from its previous owner, Capital & Regional. Frasers Group currently operates its Sports Direct store at The Mall and is reportedly planning to divide the centre’s former Debenhams store into units for its own brands, including the high-end label Flannels and USC. On the other hand, the potential acquisition of the Overgate centre in Dundee, which was first reported by React News, would result in a significant loss for Legal & General, who purchased the property from Landsec for £125 million nine years ago. Frasers Group also operates stores in the Overgate centre through its Sports Direct and USC brands.

This move to purchase shopping centres follows Frasers Group’s previous acquisitions of retail parks and shopping parades. Last year, the group acquired Belfast’s Boucher Shopping Park and the Robin Retail Park in Wigan, showcasing its commitment to revitalizing physical retail spaces. Frasers Group aims to transform these parks into modern and aspirational shopping destinations. Moreover, the company’s expansion plans include the purchase of Berryden Retail Park in Aberdeen, described as a “stepping stone” for further property acquisitions in the UK and Ireland. In addition to these properties, Frasers Group already owns retail parks in Thurrock, Cheshunt, and Cheetham Hill.

By continuously investing in shopping centres and other retail properties, Frasers Group is solidifying its presence in the retail sector. The company’s strategic focus on acquiring and transforming these spaces aligns with its broader elevation strategy. As the retail landscape continues to evolve, Frasers Group’s commitment to bricks-and-mortar retail highlights its dedication to providing modern and enticing shopping experiences for consumers. With plans in motion to develop the former Debenhams store at The Mall in Luton and ambitious goals to maximize the potential of the Overgate centre, Frasers Group is positioned for further growth and success in the retail industry.

Useful links:
Frasers Group Continues to Expand with Shopping Centre Acquisitions
Sports Direct Boss Under Contract to Buy The Mall in Luton