M&G Real Estate has snapped up a 50% stake in the Fort Kinnaird retail park in Edinburgh in one of the biggest retail investment deals this year and entered a JV with new co-owner Hercules Unit.
The fund manager has acquired the stake in the park from The Crown Estate for £167.25m and created a new joint venture with Hercules Unit Trust (HUT), which owns the other half.
Until now, HUT and The Crown Estate owned Fort Kinnaird in a 50/50 joint venture vehicle called The Gibraltar Limited Partnership, which also owned one other asset: the Gallagher Retail Park in Cheltenham.
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