Frasers Group is considering taking a stake in Exeter’s Princesshay estate in what would be the first joint venture between the King’s property company and the retail giant.
The Mike Ashley majority-owned group “is the frontrunner” to acquire a 50% interest in the estate from investment firm Nuveen, The Times reported.
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.
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
The remainder of the estate is owned by the Crown Estate, which is known as the King’s property group as its income supports the royal family.
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.
If successful, the Princesshay estate would add to Frasers’ steadily growing property portfolio, sitting alongside The Mall shopping centre in Luton and the Overgate Centre in Dundee.
Click here to sign up to Retail Gazette‘s free daily email newsletter
