M&G Real Estate and Aberdeen Asset Management have joined forces to create a new real estate fund structure valued at £210m.
The Two Rivers Limited Partnership has acquired a 100% interest in the Two Rivers Shopping Park in Staines-upon-Thames, on behalf of M&G and Aberdeen's internal clients.
Both parties have taken a 50% share of the 380,000 sq ft prime retail and leisure scheme, which was developed in 2001 on behalf of the limited partnership, while Aberdeen will continue to manage the asset.
Aberdeen Fund Management director Simon Moscow said: "Two Rivers Shopping Park has consistently outperformed its benchmark since opening in 2001 and we are excited to be announcing our joint venture.
"Exposure to prime assets such as The Two Rivers Shopping Park is extremely valuable and we intend to further enhance that value with asset management initiatives going forward."
M&G Real Estate director Peter Langly-Smith added: "We are very pleased to have gained exposure to this dominant shopping park. Opportunities to invest in hybrid assets of this scale and nature are rare, and reflect our desire to invest in properties that are well placed to outperform against a backdrop of an ever-changing retail landscape. M&G Real Estate still has further capital to invest."
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