Frasers Group is considering acquiring Doncaster’s Frenchgate shopping centre mall and taking a 50% stake in Exeter’s Princesshay estate.
The Princesshay estate is partly owned by the Crown Estate and investment firm Nuveen. With the Times reporting, that Frasers group is believed to be “the frontrunner” to acquire the stake from Nuveen.
Nuveen, which bought its stake from Land Securities a decade ago, put its share up for sale this year with a reported price tag of £40m.
The Princesshay Estate spans 630,000 sq ft, consisting of a 40,000 sq ft Princesshay shopping centre, two car parks, as well as several other retail and leisure properties and restaurants. The estate generates more than £9.1m of total gross income a year.
Frenchgate (previously the Arndale Centre) opened in 1968 and covers 880,000 sqft with over 120 stores.
Frasers has been on a shopping centre spending spree over the last two years with acquisitions of The Mall in Luton Overgate in Dundee and Junction 32 in Castleford.
