Work on a major regeneration of Bracknell town centre in Berkshire, which will see an 80,000 sq ft (7,430 sq m) Fenwick brought to the area, will begin this spring.
British insurer Legal & General and fund manager Schroders have committed £200m to redevelop the northern retail quarter of the site, comprising 580,000 sq ft (53,880 sq m) of new retail and leisure space, to open by spring 2017.
Over 53% of the development has already been pre-let or delivered to retailers including Marks & Spencer, Primark and H&M.
The scheme will be supported by a 1,300 space multi-storey car park and landscaped public spaces.
The deal is part of a wider £750m development of the town, which is about 30 miles west of central London.
Head of communications at the Bracknell Regeneration Partnership Helen Barnett said: “This is a big day for Bracknell. We are convinced that, with the quality of occupiers that have already committed and others that we expect to sign shortly, the regeneration of Bracknell Town Centre will be a major success and act as a catalyst for further investment in the town.”
“Legal & General wants to regenerate cities and towns across the UK,” said managing director Paul Stanworth.
“The UK is a great place to invest. Pension funds and sovereign wealth funds want to invest here in infrastructure, direct investments and property.”
Councillor Marc Brunel-Walker, executive member for economic development and regeneration, added: “While the behind-the-scenes legal work might sound dull, it is a hugely necessary and important step in our town’s future as it means that the construction work can now start.”
The Bracknell Regeneration Partnership is a 50:50 joint venture between Legal & General Capital and Schroder UK Property Fund, working alongside Bracknell Forest Council.
L&G Capital has also agreed to build 1,000 new homes in Bracknell and provide funding for additional projects, including a primary school, community centre, care home and over 100 acres of public green space.
CBRE and Lunson Mitchenall are letting agents for the Bracknell Regeneration Partnership.