Frasers has acquired a Lancaster shopping centre as it continues to expand its portfolio

The 160,000 sq ft space is a key retail destination in Lancaster; Frasers has said this acquisition further strengthens its commitment to physical retail.

News also emerged this week that Frasers will open a new 70,000 sq ft concept store at the Overgate shopping centre in Dundee, which it purchased last year.

The group is also looking to acquire Maidstone shopping centre Fremlin Walk, as well as eyeing a majority stake in Princesshay estate and shopping centre in Exeter.

The acquisition of St Nicholas Arcade adds to Frasers’ expanding real estate portfolio, with the Lancaster destination boasting an annual footfall of almost four million visitors.

Frasers Group chief executive Michael Murray said: “At Frasers, we have always been strong believers in physical retail, and this acquisition demonstrates our ongoing commitment to supporting brick-and-mortar in the UK. 

“By acquiring key retail sites, we are able to unlock new growth opportunities and revitalise high streets across the country, delivering unparalleled shopping experiences for consumers.

“This acquisition is also another step in developing our Property segment, which is set to deliver significant long-term value for the Group.”