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.
Real estate company Hammerson has managed the shopping centre since it opened in 1999.
Since then, it has been the town’s prime shopping destination, with the biggest retail and restaurant brands in the country setting up shop there.
The Oracle was created as a joint venture between Hammerson and the Abu Dhabi Investment Authority, with both companies owning 50 per cent of the centre.
Now, Hammerson has purchased all of the Abu Dhabi Investment Authority’s interest in The Oracle, effectively taking full control.
It comes as The Oracle underwent a transformation this year, with the openings of TK Maxx and Hollywood Bowl at the former House of Fraser department store.
For more than a year, the department store was sealed off while preparations for the two occupants to move in took place.
Like-for-like footfall for Quarter 3 (July to September) was up 10 per cent year-on-year, with footfall up three per cent year-to-date.
Five Guys has moved from the top floor of the centre to The Oracle Riverside, in the unit previously occupied by All Bar One.
The move has cleared the way for Zara to occupy an enlarged store on the top floor, with Apple also due to relocate in the first half of 2026.
Rita-Rose Gagné, CEO of Hammerson, commented: “We have seized the opportunity to gain full control of The Oracle, an asset in transition, to capture the growth opportunities ahead.
“This represents our fourth Joint Venture buyout in a little over a year, as we continue to act decisively and execute our growth strategy at pace.
“Our recent investments at The Oracle have driven an uplift in footfall, sales and leasing with the recent openings of TK Maxx and Hollywood Bowl.
“We expect a further boost from the opening of flagship stores for Zara and Apple in early 2026. There is more to come.
“Combined with our continued strong performance and acquisition of The Oracle, we expect further growth in 2026 and 2027 as the full benefits of our repositionings and acquisitions come through.”
While it is unclear where Apple will relocate, it is possible that it could occupy the former Topshop store, which was recently occupied by Charity Super.Mkt but is currently vacant.
Hammerson has stated that the occupancy has gone up from 93 per cent at the start of the year to 97 per cent now.
The entirety of the former Debenhams, which housed Next Beauty & Home, Franco Manca and The Real Greek, all closed in 2023.
Brands that vacated in 2024 and 2025 include Starbucks, Browns Brasserie, All Bar One and Gordon Ramsay Street Burger.
Plans were submitted in December 2022 to add hundreds of apartments to The Oracle through the redevelopment of the Debenhams and Vue Cinema buildings.
These were scaled back to provide a total of 436 apartments in April 2024.
While these plans ‘expired’ in April, a time extension for the determination of the project was agreed with Reading Borough Council.
