Frasers Group acquires The Mall in Luton as it further commits to physical retail
Mike Ashley's Frasers Group has purchased The Mall in Luton for £58 million, further demonstrating its "ongoing investment and commitment to the long-term future of physical retail".
Spanning 900,000 sq ft, The Mall in Luton is home brands including Boots, Superdrug, The Body Shop, Primark, TK Maxx and H&M. The shopping centre was put up for sale by Capital & Regional last year.
Frasers Group, which owns Flannels and House of Fraser, has said the destination provides "attractive opportunities" for it to introduce elevated store concepts and invest in the centre.
In a statement, the group acknowledged the "importance that the centre plays within the community and looks forward to working with Luton Borough Council to stabilise and elevate the scheme". It also said that Frasers will ensure the destination remains a "key retail location".
James France, Group Head of Real Estate at Frasers Group, commented: "Frasers Group is pleased to have acquired The Mall in Luton.
"We continue to have confidence in the future of the UK high street and remain committed to investing in sites which display huge potential. We look forward to engaging with tenants in the centre to ensure a smooth transition."
The move follows a number of acquisitions by Frasers Group over the last year. Most recently, the group acquired a variety of "non-core UK fashion brands" from JD Sports. It has also recently purchased Gieves & Hawkes, Sneakerboy, I Saw It First and Missguided.