Frasers Group is poised to expand its property portfolio with the planned acquisition of Maidstone’s Fremlin Walk shopping center.
- The retail space, encompassing 350,000 sq ft, currently hosts prominent brands such as FatFace, H&M, and JD Sports.
- Frasers Group plans to introduce a flagship store in the center, featuring both Flannels and Sports Direct.
- The property, originally acquired by M&G Real Estate for £110 million in 2014, was listed for sale at £25 million.
- Frasers Group’s recent acquisitions include Thackerays and Matches, bolstering their retail presence.
Frasers Group, led by businessman Mike Ashley, is continuing its aggressive expansion strategy with the acquisition of Fremlin Walk, a prominent shopping center in Maidstone. According to reports from The Times, the group is currently under offer to purchase the site from M&G Real Estate. The retail hub, which covers a substantial 350,000 square feet, is home to popular brands including FatFace, H&M, JD Sports, Schuh, and Skechers.
In addition to acquiring the center, Frasers Group has announced the upcoming opening of a significant flagship store within Fremlin Walk. This new retail space will consolidate the group’s brands, featuring both Flannels and Sports Direct under one roof. This move aligns with Frasers Group’s ongoing strategy to strengthen its high street presence and expand its market share.
Fremlin Walk was purchased by M&G Real Estate in 2014 for £110 million but has recently been offered for sale at a significantly reduced price of £25 million. The reduced price reflects the current market conditions and M&G’s strategy to divest certain assets.
The acquisition of Fremlin Walk is part of a broader series of strategic takeovers by Frasers Group. In July, the company acquired the Northampton-based independent fashion retailer Thackerays. This followed the June acquisition of THG’s Coggles and the December 2023 purchase of the luxury fashion retailer Matches for £52 million. Frasers Group also expanded its property assets with the purchase of The Mall in Luton for £58 million, and it owns additional centers in Dundee and Doncaster.
Earlier this year, Frasers Group emerged as the frontrunner to take over Ted Baker’s UK operations following its financial difficulties. The group’s ambitious acquisitions are supported by a notable financial performance, with a reported 13.1% increase in adjusted profit before tax, reaching £544.8 million in the year ending April 2024.
Frasers Group’s acquisition of Fremlin Walk marks another significant step in its expansive growth strategy across the retail sector.