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Frasers Group snaps up two outlet centres
(Sharecast News) - Frasers Group has snapped up two outlet shopping centres, it was confirmed on Wednesday, part of ongoing plans to bolster its position as both a retailer and a landlord. The owner of Sports Direct, Sofa.com and Evans Cycles, among others, is acquiring York Designer Outlet and East Midlands Designer Outlet from property firm McArthurGlen. No financial terms were disclosed.
Located just outside the city centre, the 250,000 sq ft York site has around 4.3m visitors a year while the East Midlands centre - which is positioned near the M1 and covers 170,000 sq ft - attracts around 3.5m people annually. The two sites have 97 and 54 stores respectively.
The deal is part of Frasers' ongoing plans to expand into property. Michael Murray, chief executive, said: "These strategic acquisitions reinforce our vision, leveraging strong partnerships with global brands to unlock mutual value - supporting their outlet strategies while driving growth. Today we own over one-fifth of the UK outlet market and have a clear ambition to grow our share further."
As at 0830 BST, shares in Frasers were down 1% at 652.17p.
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