Under the plan, Morley would inject about £200 million ($284 million) of retail parks into the new vehicle and Capital & Regional about £150 million ($210 million). Capital & Regional would be the asset manager and Morley would be responsible for fund management.
The move would allow Capital & Regional to raise new capital to finance the development of three more Xscape leisure destinations. The first opened at Milton Keynes last year, offering an indoor ski slope, health club cinema, bars and restaurants as well as 200,000 sf of retail. Three more Xscapes are planned in Castleford, Yorkshire; Braehead near Glasgow in Scotland and the Ruhr in Germany.
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