M&G Real Estate has acquired The Crown Estate’s 50 percent stake in Fort Kinnaird retail center in Edinburgh.
The investment into the £334.5 million ($447.88 million) asset has created a new joint venture with Hercules Unit Trust (HUT). British Land owns 78 percent of HUT and is the property adviser of the 560,000-square-foot asset.
Fort Kinnaird is a retail and leisure destination on the outskirts of Edinburgh with a catchment of more than 800,000 people and an estimated annual footfall of 14 million.
The center is anchored by M&S, Primark, Next and Odeon cinema. More than 85,000 square feet of store openings and lettings have been achieved recently at Fort Kinnaird, including JD Sports, Office, Swarovski, Skechers, Pure Gym and Wagamama.
As a leading European business hub, Edinburgh continues to reinforce its growing importance as a focal point for the local and national economy. It is the second most popular city in the United Kingdom for tourism and conferences, and corporate and visitor spending should continue to form a significant part of the city’s economy.
