M&G Real Estate has formed a joint venture with Aberdeen Asset Management to acquire a shopping centre in the town of Staines in southeast England.

M&G Real Estate has formed a joint venture with Aberdeen Asset Management to acquire a shopping centre in the town of Staines in southeast England.

The two parties will each hold 50% in the fund - The Two Rivers Limited Partnership - which has been created to acquire the Two Rivers mall and which has a value in excess of £210 mln (€254 mln).

The equity for the fund was provided by internal clients of the two buyers.

Located in the commuter town of Staines-upon-Thames in Surrey county, Two Rivers is a 380,000 sq ft (35,300 m2) prime retail and leisure scheme anchored by national retailers including Waitrose, Boots and Next along with Vue cinemas.

Aberdeen will continue to manage the asset, as it has done since the Two Rivers scheme was developed in 2001.

CWM advised M&G Real Estate. Jones Lang LaSalle represented Aberdeen Asset Management.