Crown sells 50% stake in Fort Kinnaird to M&G

The Crown Estate has sold its 50% stake in Edinburgh retail centre Fort Kinnaird to M&G Real Estate in a £167.3m deal.

British Land controls the other half of the Scottish shopping park.

Fort Kinnaird was previously operated under a 50-50 joint venture between the Crown Estate and BL’s Hercules Unit Trust, called the Gibraltar Limited Partnership. The deal comes as the partnership expires.

British Land owns 78% of Hercules Unit Trust, which owns the remaining 50% of the retail park. British Land is the property adviser to the asset, which