SGS UK Retail has sold the 1.1 million sq ft Braehead Shopping Centre to Frasers Group in a landmark deal.

Alongside Braehead, SGS UK Retail owns Lakeside Shopping Centre, Victoria Centre in Nottingham and Harlequin Watford. The Group was restructured and refinanced in 2024. Commenting on the transaction, Claire Barber, CEO of SGS UK Retail, 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.”

Michael Murray, CEO at Frasers Group, commented: “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.”

With an annual footfall of over 15 million visitors, this acquisition reinforces is a significant addition to Frasers Group’s growing property portfolio across the UK. Braehead’s offer has evolved significantly over the last 12 months, including the signing of the first SuperPark in the UK, with the global indoor leisure and recreation concept set to make its debut at Braehead early next year.

Braehead has out-performed the Scottish market in the last 12 months, with footfall and spend up by 3% and 4% year-on-year respectively to the end of June, significantly ahead of the Scottish Retail-Consortium-KPMG 12-month average of 0.1% sales growth for Scotland as a whole. The strong performance follows sustained demand from new and existing occupiers, with 16 brands renewing or extending their leases so far in 2025.

Anchor stores at Braehead include Marks and Spencer, Primark, Next, River Island and TK Maxx. Braehead is also home to food and drink brands including Five Guys, Prezzo, Yo Sushi, Popeye’s, Nando’s and Filling Station. The complex features the Braehead Arena, a 4,000 capacity venue that’s home to the Glasgow Clan ice hockey team, alongside XSite Braehead, an indoor leisure complex.