Lancaster shopping centre snapped up by retail group

The 160,000 sq ft. shopping centre is a key retail destination in the historic heart of Lancaster, and home to major UK high street tenants.

St Nicholas Arcade lists Next, Boots, Hmv and The Entertainer as some of its tenants.

With an annual footfall of almost 4 million visitors, this acquisition reinforces Frasers’ focus on expanding the Group’s real estate portfolio in the UK and provide excellent retail and leisure destinations across the country.

Michael Murray, CEO of Frasers Group plc said: “At Frasers, 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.”

Frasers Group was advised by James Keany, Executive Director, Head of National Agency at CBRE on this acquisition.

The company has been expanding its real estate portfolio through both the acquisition of small independent retailers, most recently Thackerays, and by snapping up full-scale shopping centres, including Doncaster’s Frenchgate Shopping Centre.

While not confirmed for the Lancaster location, Murray has previously said such moves provided opportunities for the company’s own brands, such as Sports Direct and Flannels, to expand their physical presence.

St Nicholas Arcade has been approached for comment.