Frasers Group adds another shopping centre with Lancaster buy

A 2020 vision to “elevate bricks and mortar retail” in the post pandemic era continues for Frasers Group. In almost four years the company has been on a spending spree across the UK to buy up retail parks and shopping centres.

Now we can add the St Nicholas Arcade (St Nics), the 160,000 sq ft shopping centre in Lancaster with anchor tenants including Next, and Boots, The St Nicholas Arcade also houses retailers including Shoe Zone and Trespass. Terms weren’t disclosed.

Frasers Group said the shopping centre, which attracts four million visitors a year, is a “key retail destination in the historic heart of Lancaster and home to major UK high street tenants”.

Frasers Group chief executive Michael Murray added: “We have always been strong believers in physical retail, and this acquisition demonstrates our ongoing commitment to supporting brick-and-mortar in the UK.

“By acquiring key retail sites, we are able to unlock new growth opportunities and revitalise high streets across the country, delivering unparalleled shopping experiences for consumers.

“This acquisition is also another step in developing our property segment, which is set to deliver significant long-term value for the group.”

Other purchases include Doncaster’s Frenchgate shopping centre in July, The Mall in Luton for £58m, the Overgate shopping centre in Dundee for an estimated £30 million, and a £50 million spend for Junction 32 on the outskirts of Leeds.

Frasers is also believed to be in the process of buying the Maidstone shopping centre Fremlin Walk from M&G Real Estate for around £25 million and is in talks to buy the Princesshay shopping centre in Exeter.