Frasers Group to sell 16 retail parks for £320 million

Mike Ashley's Frasers Group has put 16 out-of-town retail parks up for sale with an asking price of £320 million.

The portfolio includes the Berryden Retail Park in Aberdeen, and properties in Wigan, Cheshunt, Thurrock and Cheetham Hill, near Manchester. Fraser Group currently operates 769 stores in the UK.

Mike Ashley has accumulated a large retail portfolio through Fraser Group's retail chains Sports Direct, House of Fraser and Flannels.

A renewed interest in retail parks, which are perceived to be a more secure investment compared the high street, has now led him to consider selling some of the group's out-of-town assets. The £320 million asking price for the property portfolio represents a 7% yield, with property agents at CBRE handling the process.

In January Frasers Group announced that it will open a Sports Direct at St Anns Shopping Centre in Harrow, spanning 20,000 sq ft across two levels.