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Frasers Group has revealed it has acquired St Nicholas Arcade in Lancaster for an undisclosed sum, in a move it said further strengthens the group’s commitment to physical retail in the UK.
The 160,000 sq ft. shopping centre is a key retail destination in the heart of Lancaster, and is home to major UK high street tenants.
With an annual footfall of almost 4 million visitors, Frasers added the acquisition reinforces its focus on expanding the group’s real estate portfolio in the UK providing retail and leisure destinations across the country.
Michael Murray, CEO of Frasers Group plc, said: “At Frasers, we have always been strong believers in physical retail, and this acquisition demonstrates our ongoing commitment to supporting brick-and-mortar in the UK. By acquiring key retail sites, we are able to unlock new growth opportunities and revitalise high streets across the country, delivering unparalleled shopping experiences for consumers. This acquisition is also another step in developing our Property segment, which is set to deliver significant long-term value for the Group.”
Frasers Group was advised by James Keany, executive director, head of National Agency at CBRE on the acquisition.
