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Frasers Group is reportedly the frontrunner for the acquisition of a stake in Exeter’s Princesshay Estate and shopping centre, The Times has revealed.
The Mike Ashley-owned group is reportedly considering taking a 50% stake in the Crown Estate from investment firm Nuveen.
Nuveen, which bought its share from Landsec in 2014, has put the stake up for sale earlier this year for £40m. The Crown Estate owns the remaining shares.
The Princesshay Estate spans 630,000 sq ft, with 400,000 sq ft occupied by a part-open air, part-covered shopping mall, which is Exeter’s primary shopping centre in the city.
The estate also includes two car parks, providing over 500 landlord-controlled car parking spaces, contributing 4.63% of total gross income.
The estate generates £9.1m of gross income every year, and a £6.2m operating income.
Frasers Group has been contacted for comment.
