UK-based retail group Frasers Group is planning to expand its portfolio with the acquisition of Fremlin Walk, an outdoor shopping centre in Maidstone.
According to a report in The Times, the company has agreed to purchase the 32,516 m2 asset from M&G Real Estate which recently put it up for sale with an asking price of £25 mln (€29 mln). M&G acquired Fremlin Walk in 2014 for £110 mln (€130 mln) from Legal & General Property.
Fremlin Walk, which opened in March 2005, is home to well-known retailers such as H&M, House of Fraser, Boots, JD Sports, and Pandora. The centre generates an annual gross income of £4.3 mln (€5.1 mln) and has more than four million visits per year. It also owns the city’s main car park with 760 spaces. The shopping centre is currently ranked 54th nationwide and is among the top 15 retail destinations in South East England.
In the coming months, Frasers Group plans to open a multi-brand anchor store, featuring Frasers, Flannels, and Sports Direct, at the location.
Since its opening nearly two decades ago, Fremlin Walk shopping center has experienced some turnover in its tenant mix. Notable closures include Topshop, which closed all UK branches in 2020, Zara, Laura Ashley, and Thomas Cook.
Frasers Group, which operates over 1,500 stores both domestically and internationally, has been expanding its retail property portfolio in recent years.
Last month, the company added the Frenchgate shopping center in Doncaster to its growing list of acquisitions. This follows the purchase of The Mall shopping center in Luton for £58 mln (€68 mln) and the Overgate shopping center in Dundee for £30 mln (€35 mln) last year. Additionally, Frasers Group acquired Junction 32, an outlet center located in Castleford, West Yorkshire.
The group is currently engaged in discussions with the Crown Estate to potentially take full ownership of the 58,529 m2 Princesshay shopping centre in Exeter.
