Local Shopping REIT Pramerica Real Estate Investors, the real estate investment and advisory business of Prudential Financial, have formed a $155.5 million joint venture to invest in UK retail real estate. Pramerica is kicking in 80% of the equity, with the JV structured to make each company a co-investor in the fund. Local Shopping REIT will source and manage the investments within the partnership, which is expected to last for five years.

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