Schroder UK Property Fund (SPF) has joined Legal & General Capital in a £200 million (€271 million) joint venture in the UK to regenerate Bracknell Town Centre, just west of London.
The group, known as the Bracknell Regeneration Partnership (BRP), also includes Bracknell Forest Council.
Totalling 53,884m2 of new retail and leisure space, it will focus on the redevelopment of the Northern Retail Quarter of the town. There will also be further public area landscaping, a 12-screen cinema, restaurants and a 1,300-space multi-storey car park.
The BRP said several major anchor stores have been confirmed for the development, which is already more than half let. It will include 92 properties converted from a vacant office. The scheme is due to start this spring and is expected to be completed in 2017.
In a separate venture, Legal & General Capital is to build 1,000 homes at Crowthorne in Bracknell. This will include a range of community facilities and improvement of public spaces.