Frasers Group is ramping up its property acquisitions with plans to add another shopping center to its portfolio.
The Mike Ashley-owned group is in the process of acquiring Fremlin Walk, an outdoor shopping centre in Maidstone, from M&G Real Estate.
The 350,000 sq ft complex, which opened in 2005, houses retailers such as H&M, Boots, JD Sports, and Pandora, generating an annual income of £4.3m.
This autumn, a multi-brand store featuring Frasers, Flannels, and Sports Direct is set to open in the centre, The Times reported.
M&G acquired Fremlin Walk for £110m from Legal & General Property in November 2014. It was put up for sale with an asking price of £25m.
Frasers has been increasingly active in the retail property market over the past few years.
Just last month, the company acquired the Frenchgate shopping centre in Doncaster.
This follows last year’s purchases, including The Mall in Luton for £58m, the Overgate shopping centre in Dundee for £30m, and Junction 32, an outlet centre in Castleford, West Yorkshire.
The retail giant is also in talks with the Crown Estate to take full ownership of the 630,000 sq ft Princesshay shopping centre in Exeter.
Frasers Group chief executive Michael Murray told The Times last month: “Really, the opportunity for Frasers is to create anchor department stores and shopping centres where Frasers can take a floor which is a lot more productive, say 30,000 to 50,000 square feet, and then we can utilise the other floors for other areas of our business such as Flannels, Sports Direct or the gym business, creating a more productive and meaningful destination for our business.”
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