Hercules Unit Trust forms 680 mln stg joint venture with Crown Estates |
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Thu, 05 Apr 2007 10:01
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LONDON (AFX) - Hercules Unit Trust, the UK's largest specialist retail property unit trust, and The Crown Estate have formed a 680 mln stg joint venture limited partnership.The 50:50 joint venture incorporates three properties - HUT's 550,000 square foot Fort Kinnaird Shopping Park in Edinburgh and The Crown Estate's Gallagher Retail Park, Cheltenham and The Shires Retail Park, Leamington Spa.British Land PLC, property advisor to HUT as well as being a 36.6 pct holder in the trust, will also act as property adviser to the new limited partnership.The off-market transaction gives The Crown Estate a significant interest in one of the UK's premier out-of-town retail locations and to HUT's specialist management team.HUT's unitholders will gain exposure to two new retail parks that, together with Fort Kinnaird, offer a number of asset management opportunities.HUT is currently in the final stages of completing a major redevelopment programme at Fort Kinnaird which will include a new 60,000 square foot Marks & Spencer store.newsdesk@afxnews.comml/jrCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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