BILLIONNAIRE businessman Mike Ashley has bought Dundee’s main shopping centre.
Ashley’s retail firm Frasers Group has been in talks for months about purchasing the Overgate centre.
It was confirmed on Friday the sale had been completed for around £30 million, though the exact price has not been disclosed.
Frasers also owns Sports Direct, Jack Wills, Evans Cycles, Flannels, USC and Game. Ashley also used to own Newcastle United before selling the club in October 2021.
The empty Debenhams retail space is now expected to host some of the Frasers brands.
The firm confirmed the acquisition of the centre will “provide multiple opportunities for the group’s elevated store concepts”.
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A statement added that the purchase “further demonstrates Frasers Group’s ongoing investment and commitment to the long-term future of physical retail”.
There are also rumours future development of the centre could include a new cinema.
Malcolm Angus, centre manager of Overgate, said: “We are excited with the news Overgate has been purchased by Frasers Group. The retailing diversity and opportunity this brings will ensure Overgate remains an attractive regional shopping centre for both our local and drive time customers.”
James France, Frasers Group head of real estate, added: “We’re pleased to have acquired this leading retail destination in Dundee.
“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.”
Ashley stepped back from running Frasers last May, when he installed his son-in-law Michael Murray as chief executive.
He left the board in October but continues to control more than two-thirds of the shares in the business.
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