M&G buys Crown Estate's half share in Edinburgh retail centre for €190m

M&G Real Estate has acquired The Crown Estate’s 50% stake in the Fort Kinnaird retail centre in Edinburgh for £167 mln (€190 mln).

The investment into the £334.5 mln asset has created a new joint venture with Hercules Unit Trust (HUT). British Land owns 78% of HUT and is the property advisor of the 560,000 sq ft (52,000 m2) 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 centre is anchored by M&S, Primark, Next and Odeon cinema. Over 85,000 sq ft of store openings and lettings have been achieved recently including JD Sports, Office, Swarovski, Skechers, Pure Gym and Wagamama.
John Duxbury, ‎head of retail at M&G Real Estate, commented: 'Our partnership at Fort Kinnaird underlines our commitment to prime retail, which continues to prove resilient to competition from e-commerce and reflects our strategy of investing in secure assets with long-term prospects for income and capital appreciation.'
Knight Frank represented M&G Real Estate, and CBRE and Griffiths Eccles represented The Crown Estate.


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