Frasers Group offloads retail parks for 205 million pounds

Frasers Group has announced that it has completed the disposal of a number of its freehold and long leasehold retail parks held by its wholly owned subsidiaries.

The JD Sports owner said the sale went ahead for a headline price of 205 million pounds.

In a release, the company said brands in its portfolio will continue to operate from leases within these properties where appropriate.

It continued: “Frasers Group in the ordinary course of business purchases and sells properties from time to time, in this instance, a significant disposal to one counterparty has led to this Class two announcement.”

Frasers added that it is intending to use the proceeds of the sale towards the working capital of the company and its group operations.

The news comes as the group reported a “record-breaking year” in its financial posting, with its pre-tax profits rising from 8.5 million pounds to over 366 million pounds.