Mike Ashley’s Frasers Group has snapped up its second shopping centre in a week, with the acquisition of the Overgate Shopping Centre in Dundee, Scotland.
It is understood that Frasers Group paid in the region of £30m for the circa 400,000 sq ft centre. The news comes just a week after it bought The Mall Shopping Centre, in Luton, for £58m.
Across the two sites, Frasers Group has acquired more than 1.3m sq ft of retail space and the group said the acquisitions demonstrated its “ongoing investment and commitment to the long-term future of physical retail”.
It added the the Overgate centre, which counts Primark, Next and H&M as tenants, provided “multiple opportunities for the group’s elevated store concepts”.
James France, group head of real estate at Frasers Group, said: “We’re pleased to have acquired this leading retail destination in Dundee. Not only do the acquisitions of both Overgate Shopping Centre and The Mall in Luton bolster our commitment to the long-term future of physical retail, but they further demonstrate our commitment to injecting new life into key shopping destinations across the UK and Europe.”
Frasers Group has appointed specialist real estate asset manager Sovereign Centros to manage both schemes.
Chris Geaves, chief executive of Sovereign Centros, said: “We are delighted to be involved with this acquisition. Dundee is one of those prime locations with a captured catchment where retailers trade well and we are looking forward to implementing our business plan.”
