A retail property company is set to take a 91.82% stake in the company which owns the Mall Chequers shopping centre in Maidstone in a deal worth £213m.

Capital & Regional has announced a conditional agreement to take over insurance firm Aviva’s £52.04% stake and internet provider Karoo’s 10.52% stake in the Mall Fund.

The deal is subject to shareholder approval next month and will be funded by available cash resources and the release of new shares in the business, which is expected to raise about £165m.

The company believes the acquisition will help position it as the dominant community shopping centre owner in the UK.

The Mall in Maidstone has 538,000sqft of shopping space over three floors in the town centre and includes a Boots, BHS, New Look, Sportworld and Wilkinson.

Capital & Regional chairman John Clare said: “We believe the acquisition and capital raising represents a transformational milestone in Capital & Regional’s plans to deliver long term growth and, in due course, achieve its objective of becoming the leading dominant community shopping centre real estate investment trust in the UK.

“It also enables the group to accelerate delivery of asset management and development initiatives to unlock further value from the portfolio, taking advantage of the improving economic and retail environment to generate attractive income and capital growth for investors.”

As well as owning the Mall Chequers in Maidstone, the Mall Fund owns shopping centres in Camberley, Luton, Blackburn, Wood Green and Walthamstow.