The Princesshay shopping centre in Exeter has been sold to Frasers Group, the retail giant owned by Sports Direct’s Mike Ashley.

The shopping centre is home to more than 60 shops and the site covers 600,000 sq ft (56,000 sq m).

Princesshay was previously owned by The Crown Estate and asset manager Nuveen – it has been sold for an undisclosed sum.

The boss of Exeter’s business improvement district said the sale was great news and “a vote of confidence” for the city.

Nicola Wheeler, chief executive of InExeter, said: “Princesshay is an important part of the commercial heart of Exeter and this is a vote of confidence in Exeter’s future.

“We’re really looking forward to working with Frasers Group in the way we have with the previous owners to make sure this brings wider benefits to the city both in terms of its retail and leisure offer.”

Alongside the purchase of Princesshay, Frasers Group has also bought Fremlin Walk Shopping Centre in Maidstone and The Olympus Centre in Quedgeley.

Michael Murray, CEO of Frasers Group plc said: “The acquisition of Princesshay, Fremlin Walk and The Olympus Centre reinforces our commitment to investing in physical retail.

“Securing properties which serve as the primary retail destination for the community remains a top priority for us.”