The acquisition of the Overgate Shopping Centre in Dundee is an example of strategic progress according to Mike Ashley’s Frasers Group.
The shopping centre was bought from Legal and General in March for a sum understood to be around £30 million.
Its purchase has now been highlighted in the full year results for Frasers Group, which is still majority owned by Mr Ashley.
The group’s strategy is to strengthen relationships with big brands, invest in its retail estate and make strategic investments.
Frasers said the Overgate and The Mall Shopping Centre in Luton were acquired to “further demonstrate our belief in the future of bricks and mortar retail” and also underpin “operational requirements”.
It is expected that one or several of the Frasers Group brands will occupy the former Debenhams unit at the Overgate.
Since the acquisition in March, the former Carphone Warehouse unit on the ground floor has been filled with new beauty store Rituals.
Meanwhile, it is understood that jewellery firm Pandora is attempting to secure the former Paperchase unit in the centre.
Frasers Group’s record year
Sports Direct owner Frasers Group has reported a “record” financial performance with profits doubling after the high street empire took more brands under its wing.
The group, which also owns House of Fraser, Jack Wills, and Missguided, reported a pre-tax profit of £661m in the year to the end of April, nearly double the £336m made last year.
It steamed ahead with a buying spree in the last year, with new acquisitions including Savile Row tailor Gieves & Hawkes, and 15 brands from competitor JD Sports such as Choice and Missy Empire.
As a result of the acquisitions, annual group revenue jumped more than 15% to £5.6 billion.
Michael Murray took over as chief executive of the group last year, succeeding his father-in-law, Mr Ashley.
He said: “In my first full year as chief executive, we have delivered a strong performance across the group.
“We were bold in setting our full-year guidance 12 months ago, before the full impact of the cost-of-living crisis was clear.
“But our business has remained resilient, and we have met these expectations.”
