Mike Ashley’s Frasers Group has acquired the St Nicholas Arcade in Lancaster for an undisclosed price.
The 160,000 sq ft shopping centre attracts annual footfall of almost four million people and its occupier line-up includes the likes of Boots, Iceland and Next.
Over the last 18 months, Frasers Group has built up a sizeable portfolio of retail assets, with acquisitions including the purchase of the 770,000 sq ft Frenchgate Shopping Centre in Doncaster and Junction 32 Shopping Outlet in Castleford, West Yorkshire, earlier this year, and The Mall Luton last year.
Michael Murray, CEO 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.”
Frasers Group was advised by CBRE on the acquisition.
