In a move to consolidate the fragmented ownership of the retail warehousing surrounding Lakeside Shopping Centre in Essex, Aberdeen Property Investors and out-of-town fund The Junction have joined forces.
Aberdeen and The Junction, the specialist fund managed by Capital & Regional and Morley Fund Management, will create a new vehicle owning 40,875 sq m of retail space.
Capital & Regional plans to turn the combined sites into a new destination under its Junction banner, although it will not be owned directly by The Junction Limited Partnership.
Instead, a new limited partnership, called The Junction Thurrock Limited Partnership, has been formed. It is 65 per cent owned by The Junction Limited Partnership and 35 per cent owned by clients of Aberdeen Property Investors.
It is this partnership that has acquired Lakeside Extra for£44.8 million from The Junction Limited Partnership, the Tunnel retail park from clients of API for£21.3 million and West Thurrock retail park from AXA Real Estate Investment Managers for£34.7 million.
The Junction Properties chief executive Andrew Lewis-Pratt said: 'We are pleased to work in partnership with API to create one of the largest retail park destinations in the UK. The intention is to completely refurbish the parks to create a Junction-branded scheme.'
Insignia Richard Ellis and King Sturge acted for API and The Junction. CB Hillier Parker advised AXA.
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