Frasers Group plc has confirmed its much-flagged acquisition of the giant Braehead Shopping Centre in Glasgow.

The price of the acquisition from SGS UK Retail is undisclosed but analysts estimated it is around £220 million. 

“With an annual footfall of over 15 million visitors and totalling over 1 million square feet, this acquisition reinforces Frasers Group’s commitment to investing in high-potential retail destinations,” said Frasers Group.

“Property acquisitions such as this one play a key role in Frasers Group’s Elevation Strategy, adding Braehead – which serves the UK’s largest retail spend catchment outside of London – to a strong and growing property portfolio across the UK.”

Frasers Group CEO Michael Murray said: “This acquisition is an important step in delivering our property ambitions and accelerating the Elevation Strategy. 

“It cements the Group’s position as a leading operator and champion of physical retail destinations while unlocking greater opportunities to serve communities with the best brands, environments and experiences possible.”

Frasers Group said was advised by James Keany, Executive Director, Head of National Agency at CBRE on the acquisition.

SGS UK Retail CEO Claire Barber said : “The sale of Braehead was always part of our strategic plan and through active management, we have delivered substantial value enhancement and successfully stabilised the asset, attracting new brands and increasing its relevance and appeal to customers.

“We have created a strong platform from which Frasers Group can continue to drive growth, leveraging its retail expertise to further unlock Braehead’s potential as one of the leading retail destinations in Scotland.

“In light of strong leasing performance and the significant progress made in discussions with brands, we continue to see significant value creation opportunities in the Group’s remaining three assets.”