Frasers Group acquires shopping mall for 58 million pounds

Frasers Group has snapped up a Luton shopping centre in a 58 million pound deal as it looks to continue cementing its place in the retail landscape.

The Mall, which houses over 150 retailers, was put up for sale by Capital & Regional last year.

The real estate investment company said that it “had previously deconsolidated its interest in The Mall, Luton, meaning the gross assets related to the investment are nil and therefore the transaction does not result in any profit or loss on disposal to the group”.

In a regulatory filing, the firm noted that the mall had been acquired by SDI (Luton) Limited and SDI (Luton 2) Limited, both of which Mike Ashley, owner of Frasers Group, confirmed were linked to the fashion conglomerate.

Capital & Regional will cease its involvement as property and asset manager for the location, as it initially announced on March 2 in its year end results.

In the report, the company, which initially bought The Mall in 2006, said that it had generated fees of 1.4 million pounds in 2022.

Frasers Group told the BBC that the acquisition provided the group with opportunities “to introduce new elevated store concepts and invest in the scheme”.