M&G Real Estate has acquired The Crown Estate’s 50% stake in Fort Kinnaird retail centre for £167.3m (€190.1m).

The real estate fund manager said the investment into the £334.5m 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 560,000sqft asset.

John Duxbury, the hHead of retail at M&G Real Estate, said: “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.”

Fort Kinnaird is a retail and leisure destination on the outskirts of Edinburgh, Scotland.