The U.K.'s M&G Real Estate has paid roughly £167.3 million to buy a 50% stake in the Fort Kinnaird retail park in Edinburgh from The Crown Estate, Property Week reported.
The deal resulted in the creation of a joint venture between M&G and Hercules Unit Trust, the owner of the other half of the property. Hercules is 78% owned by British Land Co. PLC, which also serves as a property adviser for the retail park, according to the report.
The 560,000-square-foot Fort Kinnaird, which is one of the U.K.'s largest retail parks, is valued at £334.5 million and has an annual footfall of 14 million. The asset, which includes a 57,000-square-foot leisure quarter, counts Primark, River Island, Next, Boots and Currys as its tenants, among others.
Meanwhile, The Gibraltar LP joint venture between Hercules and The Crown Estate that previously owned Fort Kinnaird has been dissolved. The 50/50 partnership also owned the Gallagher Retail Park in Cheltenham, U.K. The Crown Estate separately acquired Hercules' stake in that asset for an undisclosed sum, taking full ownership of the property, the news outlet added.
