Frasers Group says the acquisition of the shopping park, the terms of which were not disclosed, further demonstrates its commitment to investing in bricks-and-mortar property as part of the business’ wider elevation strategy.
James France, head of property at Frasers Group, notes: “Boucher Road is widely regarded as the key strategic out-of-town retail destination in Northern Ireland. Boucher Shopping Park sits at the heart of this, offering an unrivalled retail lineup to its customers.
“Over the past two years, the group has been investing heavily into the Irish market, with a business-wide commitment of over 500,000 sq ft of retail space across all fascias. This acquisition not only bolsters our commitment to the Irish market but allows us to further invest and modernise this asset into an aspirational shopping destination.”
The sale of the scheme was agreed between the principles of Frasers Group and Sam Morrison, on behalf of Corbo Properties.
It comes after Frasers Group increased its investment in German luxury fashion brand Hugo Boss AG earlier this month in a move that means it now holds shares worth about GBP390m (US$424m) in the company.
The Mike Ashley-owned business also recently acquired digital retailer Studio Retail Limited and certain other assets of Studio Retail Group Plc.
Frasers Group said on 25 February it had acquired certain assets of Studio Retail Group Plc (SRG) and its main operating company Studio Retail Limited (SLRL) in a GBP26.8m (US$35.9m) cash deal.