Frasers Group acquires Braehead Shopping Centre
Frasers Group has acquired the 1.1 million square foot Braehead Shopping Centre in Glasgow from SGS UK Retail.
With an annual footfall of over 15 million visitors, the acquisition forms part of the group’s commitment to investing in high potential retail destinations.
Michael Murray, chief executive at Frasers Group, said: “This acquisition is an important step in delivering our property ambitions and accelerating the Elevation Strategy.
“It cements the group’s position as a leading operator and champion of physical retail destinations while unlocking greater opportunities to serve communities with the best brands, environments and experiences possible.”
Subscribe to TRBThe owner of Lakeside Shopping Centre, Victoria Centre in Nottingham and Harlequin Watford, SGS UK Retail has enhanced Braehead’s offering significantly over the last 12 months. This has included the the signing of the first SuperPark indoor leisure and recreation concept in the UK, which is set to open early next year.
Claire Barber, chief executive of SGS UK Retail, said: “The sale of Braehead was always part of our strategic plan and through active management, we have delivered substantial value enhancement and successfully stabilised the asset, attracting new brands and increasing its relevance and appeal to customers.
“We have created a strong platform from which Frasers Group can continue to drive growth, leveraging its retail expertise to further unlock Braehead’s potential as one of the leading retail destinations in Scotland.
“In light of strong leasing performance and the significant progress made in discussions with brands, we continue to see significant value creation opportunities in the group’s remaining three assets.”
