Frasers Group has expanded its retail property footprint with the acquisition of Braehead Shopping Centre, in a deal reported to be worth around £220m.

The Renfrew-based centre, which opened in 1999, is home to more than 100 retailers, including Ikea, Primark and Marks & Spencer.

Frasers Group said the purchase represented a “significant addition” to its portfolio and reinforces the British retail property group’s commitment to investing in physical retail destinations at scale.

Braehead was previously owned by SGS UK, which took control of the asset in 2020 following the collapse of former owner Intu.

Frasers Group CEO Michael Murray 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.”

SGS UK chief executive Claire Barbour said the sale had always been part of the company’s longer-term strategy. She added that the business had “stabilised” the centre during its period of ownership, attracting new brands and improving its commercial performance ahead of the sale.

Frasers Group, owned by former Rangers shareholder Mike Ashley until his son-in-law Murray took over three years ago, has been steadily building a broad property portfolio.

Alongside its major retail brands, including USC, Game and Evans Cycles, the group also owns the Overgate Centre in Dundee and recently completed the purchase of the Waterfront Retail Park in Greenock.

Last month, Frasers Group opened a new store in Liverpool, bringing together Sports Direct and Everlast Gyms+ under one roof.

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