Frasers closes deal to buy Doncaster shopping centre
Frasers Group has completed a deal to buy the 770,000 sq ft Frenchgate shopping centre in Doncaster.
Frasers said the deal facilitated the opportunity to triple the size of its Sports Direct store to more than 35,000 sq ft, as well as provide customers with access to its other brands such as USC, GAME and Evans Cycles.
The value of the deal was not disclosed. Savills put the mall up for sale on behalf of a private investor earlier this year for around £35m, representing a 10.5% net initial yield.
Frasers Group has completed a deal to buy the 770,000 sq ft Frenchgate shopping centre in Doncaster.
Frasers said the deal facilitated the opportunity to triple the size of its Sports Direct store to more than 35,000 sq ft, as well as provide customers with access to its other brands such as USC, GAME and Evans Cycles.
The value of the deal was not disclosed. Savills put the mall up for sale on behalf of a private investor earlier this year for around £35m, representing a 10.5% net initial yield.
The mall is anchored by Sainsbury’s, Boots and Boyes and has a WAULT to expiry of 11.19 years, with a WAULT to break of 9.71 years. The centre generates total gross income of just over £7m.
Michael Murray, chief executive of Frasers Group, said: “The acquisition of Frenchgate shopping centre in Doncaster further demonstrates the group’s commitment to investing into bricks and mortar.
“Acquiring property in key trading locations to unlock new opportunities for our retail and leisure businesses, such as Sports Direct, Everlast Gyms, Frasers and Flannels, is a key priority. We are committed to re-inventing retail and injecting new life into high streets across the UK to bring the very best brands, environment, and experience to customers across the country.”
CBRE advised Frasers on the deal.
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