As Dundee’s primary retailing location, the Overgate features well-known high street brands including Primark, Boots, Next and H&M. The centre, around 400k sq. ft in size, will provide multiple opportunities for the Group’s elevated store concepts.

The news follows the Group’s recent acquisition of The Mall Shopping Centre, in Luton. Across the two sites, Frasers Group has acquired over c.1.3m sq. ft of retail space, accounting for c.200 retail units.

James France, group head of real estate, said: “We’re pleased to have acquired this leading retail destination in Dundee. Not only do the acquisitions of both Overgate Shopping Centre, and The Mall in Luton, bolster our commitment to the long-term future of physical retail but they further demonstrate our commitment to injecting new life into key shopping destinations across the UK and Europe.”

As Frasers Group becomes a major stakeholder in the city with multiple developments and significant investments already announced, the business looks forward to working with Dundee City Council, to support its growth.

The Group’s investment in the centre will complement the wider development plans throughout Dundee, and therefore contribute to the city’s extensive and forward-looking transformation.

Frasers Group will continue to work in partnership with specialist real estate asset manager Sovereign Centros, to manage both schemes.

Chris Geaves, chief executive, Sovereign Centros, said: “We are delighted to be involved with this acquisition.

“Dundee is one of those prime locations with a captured catchment where retailers trade well and we are looking forward to implementing our business plan.”