A major shopping centre in Gloucester has been purchased by new owners who have pledged fresh investment.

Kings Walk Shopping Centre has been bought by urban regeneration specialists Reef Estates.

The purchase was successfully negotiated in partnership with Gloucester City Council.

Leader of the city council Councillor Paul James said today: "I am delighted we are able to join Reef in this very important venture to transform Kings Walk and move forward the regeneration of the city centre.

"It was always clear that the city council would have a significant role to play in the future of Kings Walk but we needed to make sure the deal was right for the city. We are pleased to have now reached this point and I look forward to working with Reef to deliver our shared vision for this prominent part of our city centre."

Stewart Deering, chief executive from Reef said: "We are excited to have formed a strategic partnership with the council in order to regenerate Kings Walk Shopping centre that will create a vibrant and exciting shopping environment."

Kings Walk Shopping Centre manager Peter White (pictured) said: "We are looking forward to working with Reef Estates and seeing investment into the shopping centre."

Formed in 2002, Reef Estates are a private property development and investment company focused on urban regeneration, asset value enhancement and delivering quality, innovative developments.

They have experience in a variety of sectors including retail, residential, mixed use, hotel and leisure, office as well as 'alternative' sectors such as student housing and care homes.

Reef have substantial cash resource and the main equity investor, who is also a shareholder in Reef, is Alan English who sold his hotel and conference centre business, Hayley Conference Centres, to Principal Hotel Group for £358m in May 2007.

The investment company uses its own cash resource as well as creating strategic joint ventures with funding institutions and other major private equity sources.