In what was described as a continued commitment to physical retail, Frasers Group has announced the acquisition of three real estate properties spanning over one million square feet in assets.
Contributing to the group’s new Property division, the three brick-and-mortar locations boast a combined annual footfall of nearly 17 million visitors, a press release reported, and further expand Frasers’ real estate portfolio in the UK, reinforcing this mission.
Among the properties in question is Princesshay Shopping Centre in Exeter, a 600,000 square foot site that houses 60 retailers, for which Frasers is planning to help enhance its offer by introducing elevated retail formats and improving the tenant mix.
The Olympus Centre in Quedgeley and Fremlin Walk Shopping Centre in Maidstone are the other retail parks included in the deal, the latter of which is currently undergoing extensive refurbishment ahead of the opening of a 70,000 square foot Frasers flagship store.
In a release, Michael Murrary, CEO of Frasers, said that securing primary retail destinations remained a top priority for the group.
He continued: “Such acquisitions unlock new growth opportunities for our retail concepts, while revitalising high streets and physical shopping locations up and down the country. At Frasers, we strive to re-invent and elevate retail for UK shoppers, bringing the very best brands, environments, and experiences to all our customers across the country.”
