
The owners of high street retailers including House of Fraser and Sports Direct have bought a Lancaster shopping centre.
Frasers Group are the new owners of St Nicholas Arcades in Lancaster.
Among other leading brands, Frasers Group also owns fashion store Flannels and computer games chain Game, which has a shop in St Nic's.
Other shops in St Nic's include Boots, Next, HMV and The Entertainer.
“At Frasers, we have always been strong believers in physical retail, and this acquisition demonstrates our ongoing commitment to supporting brick-and-mortar in the UK," said Michael Murray, Frasers Group chief executive.
“By acquiring key retail sites, we are able to unlock new growth opportunities and revitalise high streets across the country, delivering unparalleled shopping experiences for consumers.
“This acquisition is also another step in developing our property segment, which is set to deliver significant long-term value for the group.”
St Nics attracts around 4m visitors a year and generates £1.3m in rent annually.
Frasers Group has also bought other UK shopping centres recently including Doncaster’s Frenchgate, The Mall in Luton and the Overgate in Dundee.
The company's founder and owner, and former Newcastle United owner Mike Ashley, stepped down from the board in 2022.