Frasers Group is engaging in talks to buy the Princesshay shopping centre in Exeter, the Times has reported.
The Mike Ashley-founded group is looking to purchase a 50% stake in the Exeter shopping centre from US-based asset manager, Nuveen.
It is also trying to secure the remaining 50% from Nuveen’s partner, the Crown Estate, which currently co-manages the mall.
Should both negotiations come to fruition, it’s thought that Frasers Group will invest approximately £80m to gain full control of the shopping centre.
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Nuveen bought its stake from Land Securities a decade ago and the Princesshay estate generates more than £9.1m of total gross income a year.
This acquisition would expand Mike Ashley’s retail footprint through Frasers Group, adding Princesshay to a portfolio that already includes various prominent retail properties.
The group recently bought THG’s luxury portfolio, including British fashion retailer Coggles and is currently the front-runner to take control of Ted Baker’s UK arm.
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