Frasers eyes Leeds shopping centre in latest retail property buying spree
Frasers has reportedly set his sights on an outlet shopping centre in Leeds as it continues on its spree of retail property acquisitions.
Frasers Group, which is majority owned by business tycoon Mike Ashley, is looking to pay nearly £50m for Junction 32, which is located in Castleford in Wakefield, West Yorkshire, The Times has reported.
Junction 32 is home to a number of fashion brands including Sports Direct and Jack Willis, which Frasers own.
The shopping destination is currently owned by Landsec, who acquired the site in a £332.5m deal along with two other retail assets.
The deal, if it goes ahead, will mark the group’s latest retail property purchase, having recently acquired The Mall in Luton and the Overgate Centre in Dundee for £30m. Ashley said previously that the deals represented the group’s “long-term future of physical retail”.
In recent years, the value of shopping malls has decreased as more people look to shop online.
City PM has contacted Frasers and Landsec for a comment.