Exeter's Princesshay sold to Sports Direct Mike Ashley's property empire

It follows months of rumours

The company behind Sports Direct has snapped up Exeter's Princesshay Shopping Centre. It comes after months of rumours swirling that a major takeover was imminent.

Frasers Group has confirmed it has bought the shopping centre, along with two others in Maidstone and Gloucester. Earlier this year, global investment management company Nuveen put its 50 per cent stake in Princesshay up for sale, with a reported asking price of £40million. The other half of the centre is owned by The Crown Estate.

In June, The Times reported that "a retail property source" had said Frasers was a "frontrunner" to purchase the stake. The retail group is behind some of the UK's biggest brands, including House of Fraser, Sports Direct, Game and Slazenger and is majority owned by business tycoon Mike Ashley.

It has now been announced that Frasers has acquired the whole shopping centre, including the half owned by The Crown Estate.

Mike Ashley's son-in-law Michael Murray, who is the group's chief executive, said: "The acquisition of Princesshay, Fremlin Walk and The Olympus Centre reinforces our commitment to investing in physical retail.

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"Securing properties which serve as the primary retail destination for the community remains a top priority for us. Such acquisitions unlock new growth opportunities for our retail concepts, while revitalising high streets and physical shopping locations up and down the country.

"At Frasers, we strive to re-invent and elevate retail for UK shoppers, bringing the very best brands, environments, and experiences to all our customers across the country."

It's not known how much the shopping centres were sold for but Frasers spent £91million on buying property last year, while selling £12million, the Mirror reports.

Mike Ashley's retail empire spans almost 1,000 stores and is reported to be worth £3.7billion. He was named as the 49th wealthiest person in Britain in this year's Sunday Times Rich List, with £3.8billion to his name.

The group's plans for Princesshay are not yet known but there are many large units in the shopping centre which are vacant, some having been without occupiers for years. Most notable is the Debenham unit, which closed in May 2021.

An application was submitted in February 2021, requesting permission to turn the department store into a cinema, bar and restaurant. It is still awaiting a decision and in June, exeter -city-council>Exeter City Council confirmed the application had been "held back".