British Land and Universities Superannuation Scheme have got the go-ahead to redevelop the Eden Walk shopping centre in Kingston upon Thames, south-west London.
The pair are spending £400m to regenerate the centre with new shops and restaurants, a cinema and 400 flats.
The 1960s-built scheme has 28 shops and restaurants but needs refurbishment.
British Land bought a 50% stake in the shopping centre from Universities Superannuation Scheme in 2012 for £41.5m.
