Princesshay shopping centre sold to billionaire retail giant

British retail giant Frasers Group has bought Princesshay Shopping Centre from The Crown Estate for an undisclosed sum.

Exeter’s central shopping centre is home to over 60 stores and has an area measuring 600,000 sq ft. 

Princesshay has been on the market since June 2024, when American asset manager Nuveen put its share up for sale. 

Billionaire and retail entrepreneur Mike Ashley is the founder and former chief executive of Frasers Group, which was formerly Sports Direct.

Above: Sports Direct closing down. Image: Derek Harper/Creative Commons

Frasers Group purchased the site as part of a wider retail space acquisition.

The company also bought Fremlin Walk, a 350,000 sq ft shopping centre in Maidstone, along with the 65,000 sq ft Quedgeley Retail Park in Gloucester.

Nicola Wheeler, chief executive of InExeter, said: "Princesshay is an important part of the commercial heart of Exeter, and this is a vote of confidence in Exeter's future.

"We're really looking forward to working with Frasers Group in the way we have with the previous owners to make sure this brings wider benefits to the city both in terms of its retail and leisure offer."

Michael Murray, CEO of Frasers Group plc, said: "The acquisition of Princesshay, Fremlin Walk, and The Olympus Centre reinforces our commitment to investing in physical retail.

"Securing properties that serve as the primary retail destination for the community remains a top priority for us."