Frasers puts ‘key focus’ on property investment

Frasers Group’s investment property has more than doubled over the past year, with the company saying deals will remain “a key focus”. In full-year results to 28 April, the company logged investment property of £350.5m, up from £160m a year earlier, reflecting new acquisitions and fair value gains. “Property investment remains a key focus for the group, unlocking occupational demand for our retail business while delivering strong property returns that can be recycled at the appropriate time,” the group said. Frasers said a 101.4% increase in revenue from that segment was “largely due” to the annualisation of prior-year acquisitions of the Mall in Luton, the Overgate Centre in Dundee and Coventry Arena, as well as the impact of current-year acquisitions such as the Castleford shopping centre. The company is understood to be a frontrunner to buy Sheffield’s Meadowhall shopping centre, put up for sale by British Land and Norges Bank last year for £750m.