Frasers Group has acquired Dundee’s Overgate shopping centre in a deal worth about £30 million, concluding talks that have been ongoing for months.

The company, whose major shareholder in the retail tycoon Mike Ashley, is expected to put some of its brands, which include Sports Direct and Jack Wills, in the empty Debenhams store.

Frasers also owns Evans Cycles, Flannels, USC and Game and the firm confirmed the acquisition of the centre will “provide multiple opportunities for the group’s elevated store concepts”.

A statement added that the purchase “further demonstrates Frasers Group’s ongoing investment and commitment to the long-term future of physical retail”.

There are also rumours that future development of the centre could include a new cinema.

Malcolm Angus, centre manager of Overgate, said: “We are excited with the news Overgate has been purchased by Frasers Group. The retailing diversity and opportunity this brings will ensure Overgate remains an attractive regional shopping centre for both our local and drive time customers.”

James France, Frasers Group head of real estate, added: “We’re pleased to have acquired this leading retail destination in Dundee.

“Not only do the acquisitions of both Overgate Shopping Centre, and The Mall in Luton, bolster our commitment to the long-term future of physical retail but they further demonstrate our commitment to injecting new life into key shopping destinations across the UK and Europe.”

Mr Ashley stepped back from running Frasers last May, when he installed his son-in-law Michael Murray as chief executive.

He left the board in October but continues to control more than two-thirds of the shares in the business. He formerly owned Newcastle United Football Club and was a shareholder in Rangers.