Britain ’s biggest commercial property deal of the year so far is nearing completion.

Henderson Global Investors has had the green light to purchase a series of designer factory outlets in Cheshire, Wales and Wiltshire from limited partnerships made up of several major UK institutions. The £380m deal is now subject to due diligence.

While Henderson closes in on one deal, the prospects of more transactions being made by the London & Stamford property fund has soared.

The fund has signed a deal with Gulf-based Cavendish which will see another £200m added to the pot. Under the terms of the deal, London & Stamford can still make deals of its own worth up to £30m, while Cavendish will take an 80% share of any larger acquisitions.