Frasers Group has completed the acquisition of the Overgate Shopping Centre in Dundee, Scotland, from Legal & General.
It is understood that the retail giant, which was founded by Sports Direct tycoon Mike Ashley, bought the shopping centre for around £29.5m. The centre measures around 400,000 sq ft.
Occupiers include Primark, Boots, Next and H&M. Frasers said the centre will provide “multiple opportunities” for its “elevated” store concepts.
The news comes after the group bought The Mall in Luton for £58m.
Across the two sites, Frasers Group has acquired more than 1.3m sq ft of retail space, accounting for around 200 stores. Asset manager Sovereign Centros will manage both centres.
Frasers said the acquisitions underline its “ongoing investment and commitment to the long-term future of physical retail”.
Group head of real estate James France said: “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.”
Sovereign Centros chief executive Chris Geaves said: “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.”
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