Debenhams has made its first property acquisition since it was taken private last year, signing up for a 75,000 sq ft (6,970 sq m) store at Warrington, Cheshire.
The department store group's new owners now plan to step up the retailer's acquisition programme, and, significantly, it is looking at out-of-town opportunities.
At Warrington, Debenhams has signed up to anchor the extension to the Golden Square shopping centre, proposed by the Performance Shopping Centre Partnership - a fund managed by Legal & General.
In addition to the department store, the extension will include 50 shop units - increasing the size of the Golden Square site to 640,000 sq ft (59,455 sq m). It will also include a 1,800-space multi-storey car park and public transport interchange.
Construction will begin later this year, with completion due between late 2006 and early 2007.
Recently arrived Debenhams chief executive Rob Templeman said: 'We are very pleased with our acquisition of Debenhams, and things are going very well. We are very keen to secure further expansion opportunities both in and out of town, and are delighted to have signed up in Warrington as the first of those opportunities.'
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