British Land and Land Securities - the UK's two biggest property companies - have agreed to pool some of their Scottish shopping centres in a new fund, the Scottish Retail Property Limited Partnership.
The two companies will initially own more than 1.4 million sq ft (130,060 sq m) of retail space worth£500 million, in an equal partnership.
The properties in Aberdeen and East Kilbride produce gross rents of£32 million a year from more than 330 tenants.
British Land will be undertaking the role of administration for the partnership, with Land Securities providing the asset and property management services.
In Aberdeen, British Land's St Nicholas Shopping Centre and Land Securities' Bon Accord Centre make up the prime retail pitch between the John Lewis store and Union Street.
Plans here include providing more retail floor space to accommodate present requirements, and to improve the connectivity and public realm of the city centre.
In East Kilbride, British Land will be contributing the Plaza Shopping Centre and the recently completed Centre West, which houses retailers such as Debenhams, Next, Zara, French Connection and HMV. Land Securities will contribute Princes Mall and Olympia, which, alongside a strong line-up of retailers, includes a multi-screen cinema, library, ice rink, food court and restaurants.
British Land chairman John Ritblat said: 'This Partnership makes strategic sense for British Land and Land Securities. The partners will benefit from joint ownership of larger assets, with enhanced potential for value creation.
'Aberdeen and East Kilbride will benefit from the combined firepower of British Land and Land Securities, a team that is committed to improving the centres.'
Eric Young & Co and Montagu Evans were property advisors for Land Securities. Donaldsons and Colliers CRE acted for British Land.
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