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The owner of Sports Direct has completed a deal to buy the Braehead Shopping Centre.

Frasers Group, which also owns the Frasers department stores, has bought the facility in Renfrew from SGS UK in a deal reported to be worth £220m.

Braehead, which opened in 1999, is home to more than 100 retailers including Ikea, Primark and Marks & Spencer and is among Scotland’s busiest shopping complexes.

In a statement, Frasers Group described the acquisition as a “significant addition” to its “strong and growing portfolio”.

SGS UK bought Braehead in 2020 following the collapse of its previous owner, Intu.

The firm’s CEO, Claire Barbour said it had been able to “stabilise” the centre before its sale.

She added: “The sale of Braehead was always part of our strategic plan and through active management, we have delivered substantial value enhancement, 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.”

Frasers Group also owns the Overgate Centre in Dundee and in September, bought the Waterfront Retail Park in Greenock.

Frasers was previously owned by the former Rangers shareholder Mike Ashley.

It has been run by his son-in-law, Michael Murray, for the last three years and now owns high street brands including USC, Game and Evans Cycles.

Mr Murray said: “This acquisition is an important step in delivering our property ambitions and 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.”