Frasers in talks to acquire Princesshay shopping centre
The Princesshay estate generates a total gross income of more than £9.1m annually
The Mike Ashley’s Frasers Group is reportedly in talks with Crown Estate to acquire Princesshay shopping centre in Exeter, according to the Times.
It is believed that Frasers is to buy a 50% stake in the shopping centre from US-based asset manager Nuveen and is also planning to buy the other half of Princesshay from Nuveen’s partner the Crown Estate.
The Times stated that if the negotiations are successful the deal could be worth around £80m.
The Princesshay estate, which is home to more than 60 brands, generates a total gross income of more than £9.1m annually.
The news comes after Frasers entered a multi-year partnership with THG to mutually enhance retail operations at both groups, aligning with Frasers Group’s Elevation Strategy.
The partnership includes the integration of customer credit and loyalty proposition, Frasers Plus into THG’s Ingenuity platform, benefiting customers across THG retail sites.
Frasers Group will also be acquiring THG’s luxury brand portfolio including Coggles, strengthening its Premium and Luxury portfolio, alongside Flannels.
