AIM-listed investor and developer Ciref said this morning it planned to raise between £20m and £30m of equity for investment in a new £1.5bn joint venture with Brendan Flood’s Manchester-based Modus Properties.

The joint venture will consolidate the pair’s six joint venture shopping centre developments into one entity to be jointly owned by Ciref and modus.

‘The creation of such an entity would cement a strategic long-term tie-up with Modus, will give Ciref joint control over a development pipeline of prime retail assets with a value of approximately £1.5bn and would secure Modus' retail shopping centre asset management expertise on an ongoing basis,’ Ciref said.

The six centres are West Orchards in Coventry, Birchwood in Warrington, Trinity Walk in Wakefield, Hounds Hill in Blackpool, Delamere Place in Crewe and Friars Walk in Newport.

The new money will also allow Ciref to take advantage of current market opportunities. These, it said, would include investing in listed property companies, whose shares are trading at discounts to net asset value of around 30%, and buying properties from forced sellers.