A huge shopping centre in Preston has been acquired out of administration.

The new owner has promised ‘significant investment’ into the Fishergate site.

The city’s St George’s Shopping Centre has been acquired by the new retail arm of Lancashire-based property company The Adhan Group, for an undisclosed sum.

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St George’s, which was previously owned by IRAF UK Dragon Ltd, entered administration earlier in the year, but remained open.

It was previously sold for £73m in 2015 and £87m in 2010. The latest deal was for an undisclosed fee.

The new owners want to invest into the 270,000 sq ft centre to attract more new tenants and ensure existing retailers continue to trade in a post-Covid landscape.

The new owner also said it is already ‘in negotiations’ with several companies which have expressed an interest to expand or relocate to the centre within the next few months, joining existing tenants including H&M, River Island, Marks and Spencer, Superdrug, Foot Asylum and Matalan.

CEO of the Adhan Group, Salim Patel, said: “St George’s is widely recognised as the dominant and premier shopping destination in the city and we are extremely proud to have purchased this landmark asset and intend to ensure it has a bright future, remaining central to the city’s strong retail offering.

“As a national property company which has its roots firmly in Lancashire we are proud to have risen to the challenge and been able to acquire the centre for future generations to enjoy.”

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