Mike Ashley bids £50 million to buy Leeds outlet shopping centre
Retail mogul and billionaire Mike Ashley has made a bid to purchase an outlet shopping centre on the outskirts of Leeds as he continues to snap up retail property across the UK.
According to The Times, The billionaire has tabled the offer for Junction 32, which lies just off the M62, near Castleford.
Junction 32, which boasts 250,000 sq ft of retail space, is home to just shy of 100 stores, including outlets for Nike, Barbour and Adidas.
It is currently owned by Land Securities, which bought Junction 32 in 2017. The purchase was made as part of a £333 million acquisition of three outlet centres from Hermes Investment Management. However, its value has since dropped as many retailers make the move to e-commerce.
Ashley, who built up Frasers Group from a single store in Maidenhead, has recently been increasing his pursuit of acquiring retail property. Earlier this year, Frasers spent £58 million on The Mall shopping centre in Luton. The company, in which Ashley owns 70%, shortly afterwards purchased the Overgate Centre in Dundee for £30 million.
A source told The Times that Frasers’ recent purchases reflected its "confidence in the future of the UK high street".
Ashley stepped down as a director of Frasers Group last year when he promoted son-in-law Michael Murray to CEO. However, he re-joined the company to advise on supply chain and operations.
