Controversial retail billionaire Mike Ashley has reportedly completed the acquisition of Dundee's main shopping centre in deal thought to be worth about £30 milion.
Mr Ashley's Frasers Group has been in talks for months about purchasing the Overgate Centre, making him landlord to several of his retailing competitors. Frasers Group owns Sports Direct, House of Fraser, and a collection of other brands such as GAME, Jack Wills, Sofa.com, Evans Cycles, USC, and Everlast.
The deal, which follows last week's £58m acquisition of The Mall shopping centre in Luton, will provide opportunities "for the group's elevated store concepts". It is though that the vacated Debenhams store in the Overgate will host some of the Frasers brands.
Head of real estate James France was quoted as saying that Frasers Group is "pleased" with the deal.
READ MORE: Retail therapy: Mike Ashley goes bargain hunting 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," he added.
Mr Ashley stepped back from running Frasers in May of last year 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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