The company that manages The Oracle in Reading has gained full control of the shopping centre, as a glimpse of the future has been teased.
The company that manages The Oracle in Reading has gained full control of the shopping centre, hinting at an exciting future.
Real estate giant Hammerson, which has run The Oracle since its launch in 1999, has now bought out the Abu Dhabi Investment Authority's share, taking full ownership.
As Reading's go-to shopping spot, The Oracle houses top retail and restaurant brands. This year, it has seen significant changes, including the opening of TK Maxx and Hollywood Bowl in the former House of Fraser space after a year of renovation.
Footfall increased by 10% year-on-year in Q3 (July to September), with a 3% rise for the year. Five Guys has relocated to The Oracle Riverside, making room for Zara to expand its storefront, with Apple set to join them in early 2026.
Rita-Rose Gagné, Hammerson's CEO, stated, “We’ve seized the opportunity to take full control of The Oracle and drive growth. Our recent investments have boosted footfall and sales, and we anticipate even more with the arrival of flagship stores for Zara and Apple.”
Although Apple’s new location remains uncertain, it may take over the former Topshop space, currently vacant. Hammerson has improved occupancy rates from 93% to 97% this year.
The former Debenhams building, which hosted various brands that closed in 2023, is set for redevelopment to add hundreds of apartments; plans for 436 apartments were scaled back in April 2024 but have received a time extension for review from Reading Borough Council.
James Aldridge, Local Democracy Reporter
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