Frasers Group is preparing to expand its retail portfolio with the acquisition of Fremlin Walk, a prominent outdoor shopping centre in Maidstone. The purchase is being made from M&G Real Estate, furthering Frasers’ active involvement in the UK’s retail property market.
Fremlin Walk, which covers an area of 32,516m2 and commenced operations in 2005, houses popular retailers like H&M, Boots, JD Sports, and Pandora. The complex generates c. €5m in annual income. This fall, Frasers Group is set to launch a multi-brand store at the site, featuring brands such as Frasers, Flannels, and Sports Direct. This development is likely to be discussed at property networking gatherings in Maidstone, drawing attention from various stakeholders.
M&G Real Estate purchased Fremlin Walk for c. €128.7m from Legal & General Property in 2014. The property was later put on the market with an asking price of c. €29.3m. This acquisition may be highlighted at upcoming construction networking events in Maidstone, as it aligns with the ongoing trend of investment in retail properties across the UK.
Chief Executive Michael Murray said: “The opportunity for Frasers is to create anchor department stores and shopping centres where Frasers can take a floor which is a lot more productive, say 30,000 to 50,000 square feet (2,787m2 to 4,645m2), and then we can utilise the other floors for other areas of our business.”
Image source - Pexels.
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