UK REIT British Land and pension fund Universities Superannuation Scheme have signed on for the development of a 28,000 m2 shopping centre in the UK.

Lettings at the £64 mln (EUR 74 mln) Whiteley Shopping Centre in South Hampshire have now reached 50% by floor area, with M&S and Next committing to anchor the scheme.

The shopping centre, which is set to open in spring 2013, will comprise over 50 units and 1,136 free car park spaces.

British Land is one of Europe's largest real estate investment trusts (REITs) with total assets, owned or managed, of £15.6 bn at end-September 2011.

USS is one of the largest private sector pension funds in the UK with property assets totalling approximately £2.6 bn. USS has acquired in excess of £1 bn of commercial and residential property over the last two years.