Slough's Queensmere and Observatory shopping centres have been sold to investors in the United Arab Emirates in a deal understood to be worth £130million.

A subsidiary of the the Abu Dhabi Investment Authority (ADIA) - which invests funds on behalf of the Abu Dhabi Government - has bought the centres, it was announced on Tuesday. They will be managed on behalf of ADIA by European real estate firm, Catalyst Capital.

The two adjacent freehold shopping centres were bought from the London based property company, Criterion Capital.

The Queensmere and Observatory centres cover about 660,000 sq ft of retail space and more than 1,300 car park spaces attracting more than 10 million visitors annually. And Slough Borough Council has hinted that the new owners are committed to improving the centres as part of the town's regeneration. Both the Queensmere and Observatory have received mixed reviews from shoppers on the High Street in the past.

The acquisition also includes Wellington House, a 57,400 sq ft office building.

Andrew Turton, Head of UK Retail at Catalyst Capital, said: “The Queensmere and Observatory shopping centres are prominent properties in the heart of Slough, a town undergoing significant regeneration.

"Slough is set to benefit from major infrastructure improvements over the coming years, notably Crossrail and the Western Rail Access to Heathrow.”

Slough Borough Council leader Sohail Munawar said: “We are delighted that Queensmere Observatory has been acquired by ADIA and we are looking forward to working with an organisation that shares our vision and our commitment to transforming the town centre.

“This major investment shows the confidence investors have in Slough and its future and is great news for our town.”

Councillor Zaffar Ajaib, commissioner for housing and urban renewal, said: “We have been working behind the scenes for some time to assist ADIA and its great to finally be able to share this good news with residents.

“We want to see a town centre with a mix of retail, leisure and high quality residential living that makes Slough a place where people want to live, work, shop and do business and we welcome ADIA to Slough.”