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Frasers eyes full ownership of Princesshay shopping centre

Mike Ashley’s Frasers Group is in talks with the Crown Estate to buy its 50% stake in Exeter’s Princesshay shopping centre.

The remaining 50% stake in the mall is owned by US-based asset manager Nuveen, with Frasers emerging as a frontrunner to acquire that half earlier this year.

Nuveen appointed Savills in March to sell the stake for around £40m. 

If the two separate deals proceed, Frasers would assume full ownership of the centre, which measures 630,000 sq ft. It is expected to spend around £80m in total if both deals progress.

Princesshay is Exeter’s primary shopping centre and attracted more than 10m visitors last year, according to Savills’ marketing material.

Included in the 7.5-acre estate are two car parks, with more than 500 landlord-controlled spaces.

Nuveen has owned the mall for a decade, buying its share from Landsec as part of a swap in 2014. Landsec in turn took Nuveen’s ownership in Buchanan Galleries in Glasgow.

Frasers and the Crown Estate have not responded to requests for comment.

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