Frasers Group sells retail parks for £205m

The owner of Sports Direct and House of Fraser has sold a number of its retail parks for £205 million.

Frasers Group said that the money would be go towards the working capital of the company and its group operations.

“Frasers Group fascias will operate from leases within these properties where appropriate,” said the company in an announcement. “Frasers Group in the ordinary course of business purchases and sells properties from time to time, in this instance, a significant disposal to one counterparty has led to this Class 2 announcement.”

The sale comes weeks after the British retail group, which is owned by billionare Mike Ashley, bought online fashion retailer I Saw It First (ISIF) for an undisclosed sum.

ISIF was launched by Jalal Kamani in 2017, who previously helped to co-found fashion retailer Boohoo with his brother Mahmud. ISIF has gone on to amass over five million consumers since its inception.

The acquisition will see the retailer benefit from the scale of Frasers’ platform.

The company also bought Missguided out of administration for £20m in June.

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