---
title: "Mike Ashley is looking to form a joint venture with Crown Estate"
publisher: "Stockmark.IT"
author: "Stockmark.IT Website"
published: "2024-05-22T04:08:04+00:00"
modified: "2024-05-22T04:08:04+00:00"
date: 2024-05-22
canonical: "https://stockmark.it/mike-ashley-is-looking-to-form-a-joint-venture-with-crown-estate/"
category: "Companies"
categories: ["Companies", "Retail"]
image: "https://i0.wp.com/stockmark.it/wp-content/uploads/stencil.default-32-1.jpg?fit=1200%2C800&quality=89&ssl=1"
format: "news"
language: "en-GB"
---

# Mike Ashley is looking to form a joint venture with Crown Estate

**Published:** May 22, 2024
**Author:** Stockmark.IT Website
**Categories:** Companies, Retail
**Featured image:** ![Busy interior of a modern shopping mall with numerous high-end stores. from Stockmark.it](https://i0.wp.com/stockmark.it/wp-content/uploads/stencil.default-32-1.jpg?fit=1200%2C800&quality=89&ssl=1)

---

Mike Ashley has learned that he is considering a stake in the Princesshay estate of Exeter. This would be the first joint-venture between the retail mogul, and King’s Property Company.

A retail property source revealed that Frasers Group, the FTSE-100 retailer owned by Ashley in majority, is “the frontrunner” for buying a 50% interest in Nuveen’s estate.

Nuveen sold its stake to Land Securities 10 years ago for a reported price of £40million.

The property company that supports royal family owns 50% of the Princesshay shopping centre in Devon.

The Crown Estate owns the other half, which is known as the King’s Property Group because it provides income to the royal family.

Princesshay Estate is 630,000 sq ft in size and includes the 400,000 sq. ft. Princesshay Shopping Centre, as well as other retail and leisure property and restaurants. It also has two parking lots. More than 60 brands are represented in the shopping centre, including Apple, Levi’s and Oliver Bonas, Next, Zara. The estate generates a gross annual income of more than £9.1million.

Frasers purchased The Mall Shopping Centre at Luton for £58 Million and the Overgate Centre Dundee from Capital & Regional, for £30 Million.

Ashley, who owns about 73 percent of Frasers, stated that these acquisitions were a reflection of his “confidence in future success of the UK high-street”.

It has also considered bids for Meadowhall Shopping Centre, a shopping centre in Sheffield.

The shopping spree has raised questions about whether Frasers (which owns brands such as Sports Direct, Flannels, and Jack Wills) is buying shopping centers to fill them up with stores in its portfolio.

The Crown Estate is the joint venture’s leader, and also the asset manager for the scheme. A property source stated that Frasers would be the first company to take a passive role in an asset. “Probably with the hope of renegotiating the deal” was the comment.

Crown Estate is responsible for managing the £16 billion property portfolio of the monarch. This includes a large number of regional shopping centers, Regent Street in London, rural properties and Windsor Estate. The Crown Estate pays its profits to the Treasury every year, who then gives a portion of the proceeds to the Royal Family in the form a sovereign grant.

Frasers has declined to comment.

---

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