Braehead shopping centre bought over by Frasers in 'landmark' deal

Braehead shopping centre has been bought over by the group behind Frasers.

Owned by SGS UK Retail, the centre on Kings Inch Road in Renfrew has been acquired by the group behind High Street giants Sports Direct and Frasers.

Braehead, which is Scotland’s largest retail and leisure destination, welcomes 15 million visitors every year.

Claire Barber, CEO of SGS UK Retail, said: “The sale of Braehead was always part of our strategic plan and through active management, we have delivered substantial value enhancement and successfully stabilised the asset, attracting new brands and increasing its relevance and appeal to customers.

“We have created a strong platform from which Frasers Group can continue to drive growth, leveraging its retail expertise to further unlock Braehead’s potential as one of the leading retail destinations in Scotland.

“In light of strong leasing performance and the significant progress made in discussions with brands, we continue to see significant value creation opportunities in the Group’s remaining three assets.”

Michael Murray, CEO at Frasers Group, added: “This acquisition is an important step in delivering our property ambitions and accelerating the Elevation Strategy.

“It cements the Group’s position as a leading operator and champion of physical retail destinations while unlocking greater opportunities to serve communities with the best brands, environments and experiences possible.”