Frasers Group plc, the UK-based parent of Sports Direct, announced the acquisition of Braehead Shopping Centre in Glasgow, Scotland’s largest shopping center, which includes an arena and leisure facilities.
The mall was bought from SGS UK in a deal reported to be worth £220 million ($288mm).
Braehead, which opened in 1999, is home to over 100 retailers, including Ikea, Primark and Marks & Spencer.
Frasers Group said the acquisition of the retail complex, which has an annual footfall of over 15 million consumers, totals over 1 million square feet and “reinforces Frasers Group’s commitment to investing in high-potential retail destinations. Property acquisitions such as this one play a key role in Frasers Group’s Elevation Strategy, adding Braehead, which serves the UK’s largest retail spend catchment outside of London, to a strong and growing property portfolio across the UK,” said the company in a media release.
Michael Murray, CEO of Frasers Group, said, “This acquisition is an important step in delivering our property ambitions and accelerating the Elevation Strategy. It cements the Group’s position as a leading operator and champion of physical retail destinations while unlocking greater opportunities to serve communities with the best brands, environments and experiences possible.”
Frasers Group also owns the Overgate Centre in Dundee, Scotland, and in September, bought the Waterfront Retail Park in Greenock, Scotland. In the UK, Frasers Group last year acquired Princesshay Shopping Centre in Exeter, Fremlin Walk Shopping Centre in Maidstone and The Olympus Centre in Quedgeley.
Frasers Group owns over 40 consumer-facing brands, including Sports Direct, its largest business, as well as House of Fraser, Flannels, Game, Evans Cycles, Jack Wills, Gieves & Hawkes, Slazenger, Everlast,18Montrose, I Saw It First, and Sofa.com.
Image courtesy Braehead Shopping Centre
