Frasers snaps up three more retail locations
With an annual footfall of almost 17 million visitors across the three centres, the acquisitions align with Frasers ambition to expand its real estate portfolio
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Frasers Group has made three real estate acquisitions in strategic retail locations through its new property division, with the transactions each having been completed over the last two weeks.
The bricks-and-mortar locations are Princesshay Shopping Centre in Exeter, Fremlin Walk Shopping Centre in Maidstone and The Olympus Centre in Quedgeley. Altogether that adds 1 million square feet of retail space.
Covering over 600,000 sq ft and including Princesshay Shopping Centre, this Exeter city centre retail destination is home to more than 60 retailers across boutique, specialist and national brands. This will enable Frasers to enhance the shopping and leisure offer by introducing “elevated” retail formats and improving the current tenant mix in Princesshay.
Meanwhile, Fremlin Walk Shopping Centre (350,000 sq. ft) is currently undergoing extensive refurbishment ahead of the opening of a multi-brand 70,000 sq ft Frasers flagship store, which will become the shopping centre’s new focal point, offering consumers access to more brands including a Sports Direct, USC, Evans Cycles, GAME and Jack Wills.
A 5,000 sq ft Flannels store is also set to open this month, bringing a new high-end and luxury retail offering to Maidstone.
In addition, the Olympus Centre (65,000 sq. ft) is a fully-let retail park located in the Quedgeley area of Gloucester and has good access to a “thriving” local catchment population and has strong fundamentals as a retail destination.
With an annual footfall of almost 17 million visitors across the three centres, the acquisitions align with Frasers ambition to expand its real estate portfolio as it looks to put its faith in “high potential” retail properties.
Michael Murray, CEO of Frasers Group, said: “The acquisition of Princesshay, Fremlin Walk and The Olympus Centre reinforces our commitment to investing in physical retail. Securing properties which serve as the primary retail destination for the community remains a top priority for us.
“Such acquisitions unlock new growth opportunities for our retail concepts, while revitalising high streets and physical shopping locations up and down the country.”
He added: “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.”
