Blackstone joins Milligan for mall opportunity US Private Equity Firm Blackstone has teamed up with John Milligan's retail company to invest in UK shopping centres
The new venture will invest up to £500m in shopping centres that have asset management potential.
Blackstone will put up most of the equity while Milligan will be a minority co-investor.
Milligan director Mark Morgan, who will lead the programme, said: "We will be looking for major shopping centres that will have the ability to dominate their catchment, but which may have fallen down the hierarchy, where we can bring entrepreneurial investments to reposition and regenerate the asset."
John Milligan, founder of Milligan, said: "Since first working with Blackstone in 2002, we have not seen value in the UK shopping market.
"However, we believe that the coming months will produce some interesting opportunities and we are well positioned to take advantage of these."
Blackstone has invested with Milligan since 2002.
The pair bought the Triangle shopping centre in Manchester, which they sold for around £60 million in 2005.
Milligan is also working for Blackstone at Center Parcs, developing a strategic business plan to maximise income generation from retail, food and drink.