Retailer Frasers Group has announced the completion of the disposal of a number of freehold and long leasehold retail parks.

The retail parks, held by its wholly owned subsidiaries, have been sold to to RI UK 1 Limited for a sum of £205m. 

Commenting on the deal, the company said: “Frasers Group fascias will operate from leases within these properties where appropriate. Frasers Group in the ordinary course of business purchases and sells properties from time to time, in this instance, a significant disposal to one counterparty has led to this Class 2 announcement.

“The Company intends to use the proceeds of sale towards the working capital of the Company and its group operations.”

In February this year, Frasers Group revealed it was looking to offload 16 of its out-of-town retail parks.