Retail Property - Investors link up for retail park expansion plan

Henderson Global Investors and Merrill Lynch Investment Managers have formed the Cambridge Retail Park Limited Partnership to own and extend the 9,000 sq m Cambridge Retail Park. Under the terms of the deal, Henderson's UK Retail Warehouse Fund will take a 50 per cent stake in the limited partnership.

Phase I of the Cambridge Retail Park was developed by Merrill Lynch Investment Managers in 2000 and comprises six units let to Currys, PC World, MFI, Boots and Argos.

Planning permission has been granted for an additional 11,900 sq m in two stages. The first, comprising 9,750 sq m, is already under construction and has been 65 per cent pre-let to Homebase and Furniture Village. The completed scheme is expected to have a value in excess of£100 million.

Morgan Williams acted for Henderson Global Investors.