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Frasers Group has announced it has completed the sale of a number of retail parks for a headline price of £205m.
The group completed the disposal of a number of freehold and long leasehold retail parks held by its owned subsidiaries, to RI UK 1 Limited.
Frasers Group intends to “use the proceeds of sale towards the working capital” of the group and its operations.
This comes after Frasers Group announced in February of this year that it was looking to offload 16 of its retail parks, which together could be worth more than £320m.
Last month the business posted a “record-breaking year” with pre-tax profits of £366.1m despite the “significant economic headwinds” and the acquisition of the online fashion retailer I Saw It First for an undisclosed sum.
The retail group believes the strong performance will continue and pre-tax profit will surge to between £450m and £500m next year.
