Frasers Group buys Overgate Shopping Centre in Dundee

The Overgate Shopping Centre opened in 2000 and has space for 70 retail units

Frasers Group has bought the Overgate Shopping Centre in Dundee for an undisclosed sum, the company has confirmed.

The firm said the purchase demonstrated its "commitment to the long-term future of physical retail."

Frasers Group, which is owned by Sports Direct boss Mike Ashley, said the centre was Dundee's "primary retail location."

Frasers Group's brands include Sports Direct, Game, USC, and Jack Wills.

The 70-unit centre currently includes high-street brands Primark, Boots, Next, and H&M.

The 400,000 sq ft (37,161 sq m) shopping centre was previously bought by Legal & General Property for £125.3m in 2014.

Frasers Group said the purchase would provide "multiple opportunities for the group's elevated store concepts."

The shopping centre was last sold in 2014

The company recently bought The Mall shopping centre in Luton for £58m.

James France, Frasers Group's head of real estate said: "Not only do the acquisitions of both Overgate Shopping Centre, and The Mall in Luton, bolster our commitment to the long-term future of physical retail but they further demonstrate our commitment to injecting new life into key shopping destinations across the UK and Europe."

The centre's manager, Malcolm Angus, said: "The retailing diversity and opportunity this brings will ensure Overgate remains an attractive regional shopping centre for both our local and drive-time customers."

Mike Ashley bought the House of Fraser department store chain for £90m in 2018, and the following year he changed his company's name from Sports Direct International to Frasers Group.

He stepped down from the board of Frasers Group last year, but is still the group's controlling shareholder with a stake of nearly 70%.