M&G Real Estate has joined forces with Aberdeen Asset Management to launch a new fund structure.
The new structure, called the Two Rivers Limited Partnership, has launched with over £210 million and under the terms of the deal, the fund has acquired the Two Rivers Shopping Park in Staines-upon-Thames, with M&G and Aberdeen each taking a 50% share each.
This fund will be held on behalf of internal clients of M&G Real Estate and Aberdeen Asset Management.
Aberdeen will continue to manage the asset, as it has done since the Two Rivers scheme was developed in 2001, on behalf of the Limited Partnership.
‘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,’ said Simon Moscow, director of fund management at Aberdeen.
Peter Langly-Smith, a director of M&G Real Estate, added: ‘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.’
Prime tenants of Two Rivers include Waitrose, Boots, Next and Vue cinemas.