UK retail developer Milligan is joining forces with US private equity group Blackstone in a joint venture to invest up to £500 mln in shopping centres in the UK. The deal involves Blackstone providing the majority of the funds to the joint venture with Milligan co-investing.
UK retail developer Milligan is joining forces with US private equity group Blackstone in a joint venture to invest up to £500 mln in shopping centres in the UK. The deal involves Blackstone providing the majority of the funds to the joint venture with Milligan co-investing.
'Since first working with Blackstone in 2002, we have not seen value in the UK shopping centre market. However, we believe that the coming months will produce some interesting opportunities and we are extremely well positioned with Blackstone to take advantage of these', founder John Milligan said.
The partnership will be looking for major shopping malls where the joint venture can reposition the asset to generate higher returns.
Milligan was founded in 2002 by former Jones Lang LaSalle international director, John Milligan. In five years, Milligan has expanded in the UK and abroad, where it has carried out the transformation of the waterfront of Barcelona with the redevelopment of Maremagnum. In Liverpool, Milligan developed the award-winning Metquarter shopping centre.
Milligan launched its Spanish office in 2006 run by Fraser Denton who is currently looking at opportunities in Spain and Portugal.