The properties, in Aberdeen and East Kilbride, currently produce gross rents of £32 million ($58 million) per annum from over 330 tenancies. British Land will be undertaking the administration role for the partnership, with Land Securities providing the asset and property management services.

In Aberdeen, British Land's St. Nicholas Centre and Land Securities' Bon Accord Centre make up the current prime retail pitch between the John Lewis store and Union Street. Plans here include providing more retail floor space to accommodate current requirements and to improve the connectivity and public realm in the city centre.

And in East Kilbride, British Land will be contributing the Plaza Centre and the recently completed Centre West, which houses retailers such as Debenhams, Next, Zara, French Connection and HMV. Land Securities will contribute Princes Mall and Olympia which, alongside a strong line-up of retailers, also includes a multi-screen cinema, library, ice rink, food court and restaurants.John Ritblat, chairman of British Land, says, "This Partnership makes strategic sense for British Land and Land Securities. The partners will benefit from joint ownership of larger assets with enhanced potential for value creation and Aberdeen and East Kilbride will benefit from the combined firepower of British Land and Land Securities, a team that is committed to improving the centres."