Sports Direct buys the freehold of Glasgow’s Frasers store
Sports Direct International has bought the Frasers store in Glasgow, which has prominent frontages to both Buchanan Street and Argyle Street from the Strathclyde Pension Fund managed by Glasgow City Council.
As part of its rescue of House of Fraser Sports Direct has paid £95m for the store, and the deal will complete in January 2020.
Michael Murray, head of elevation for the Sports Direct said: ” Acquiring the freehold enables us to elevate and invest in the store in order to partner with a broad range of luxury brands in future. This is fantastic news for all parties.”
Kevin Sims of CBRE, who represented House of Fraser during the acquisition, addd: “This is a fantastic deal for Glasgow and Scotland. It is an iconic store and much of the success of Buchanan Street over the last 20 years has been built around having Frasers as an important anchor tenant for the street. This fully cements House of Fraser’s intent to create a luxury department store business.”