Frasers Group sells retail parks for £205 million
Frasers Group has today announced that it has completed the disposal of a number of freehold and long leasehold retail parks for a headline price of £205m.
The retail parks, held previously by its wholly owned subsidiaries, have been sold to RI UK 1 Limited.
In February, Frasers Group listed 16 out-of-town retail parks for sale with an asking price of £320 million. Founder Mike Ashley accumulated the large retail portfolio through Fraser Group’s retail chains Sports Direct, House of Fraser and Flannels.
In a stock market statement the firm said: “Frasers Group fascias will operate from leases within these properties where appropriate. Frasers Group in the ordinary course of business purchases and sells properties from time to time, in this instance, a significant disposal to one counterparty has led to this Class 2 announcement.
Frasers Group confirmed it intends to use the proceeds of sale towards the working capital of the company and its group operations.
The portfolio of assets is understood to include properties in Wigan, Cheshunt, Thurrock and Cheetham Hill, near Manchester, and the Berryden Retail Park in Aberdeen.
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