Mike Ashley's Frasers group buys shopping centre

A new buyer has been announced for a popular out of town shopping centre.

Frasers Group have acquired Swindon's Designer Outlet from its previous owners McArthurGlen. The shopping centre opened in 1997 on the Grade II listed site of the former Great Western Railway Works.

Michael Murray, CEO of Frasers Group, said: "Physical retail is central to our elevation strategy and investing in Swindon - one of the UK's top five outlets by footfall - and strengthens our position as both retailer and landlord.

"This acquisition reinforces our property strategy and unlocks new opportunities for our brands and our partners," he added.

Swindon Designer Outlet is said to attract more than three million visitors each year and was previously owned by McArthurGlen, which owns 23 shopping centres across Europe.

This announcement comes a month after the Fraser Group's acquisition of Braehead Shopping Centre in Scotland.