Frasers Group chief executive Michael Murray grew up in Doncaster and his father is a local property developer.
Frenchgate’s previous owner was Irish investor Patrick McKillen. Next, H&M and TK Maxx all have stores in the centre.
Mr Murray said: “The acquisition of Frenchgate Centre in Doncaster further demonstrates the group’s commitment to investing in bricks and mortar.”
Frasers Group said the sale would allow it increase the size of the present Sports Direct store and provide customers with access to other brands including USC and Evans Cycles.
Mr Murray added: “We are committed to reinventing retail and injecting new life into high streets across the UK to bring the very best brands, environment, and experience to customers across the country.”
The development was originally named the Arndale Centre when it opened in 1968. In 2006, a large extension was built and integrated into a new transport interchange.
One of the flagship tenants in the expanded centre was Debenhams, which opened the same year but closed in 2021. A developer’s plan to transform the large store into a cinema was approved by Doncaster Council last year.