The Crown Estate has partnered with a Chinese investment firm to acquire this retail center for $578 million (345.5 million pounds).

LEICESTER, UK—The Crown Estate has partnered with a Chinese investment firm to acquire a retail center here $578 million (345.5 million pounds).

The deal comes as increased demand is driving up prices, says Bloomberg News.

The Crown Estate, the property company that generates income for Queen Elizabeth II, and Gingko Tree Investment Ltd., a unit of the agency that manages China’s foreign exchange reserves, will each own half of Fosse Shopping Park, Bloomberg said, citing a statement released by the firms Wednesday. The UK company will manage the property, which is located about 100 miles northwest of London.

More than 8 million shoppers visit Fosse Park annually, and tenants include Gap, Marks & Spencer, Boots and Next.

Gingko Tree Investment is a unit of the State Administration of Foreign Exchange, according to the Sovereign Wealth Fund Institute.

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