The Scottish investment giant and M&G Real Estate , part of the Prudential, have formed The Two Rivers Limited Partnership.
The fund has acquired a 100% interest in the Two Rivers Shopping Park in Staines-upon-Thames, formerly known as Staines, with each company taking a 50% share.
Previously Aberdeen had 60% and other investors 40%.
Aberdeen holds the stake in the centre, which is located in an affluent part of Surrey, on behalf of pension funds and their clients.
Simon Moscow, director, fund management at Aberdeen, said: "Two Rivers Shopping Park has consistently outperformed its benchmark since opening in 2001 and we are excited to be announcing our joint venture, which provides our client funds with direct access to a retail and leisure asset of the highest quality.
"Exposure to prime assets such as The Two Rivers Shopping Park is extremely valuable and we intend to further enhance that value with asset management initiatives going forward."
Two Rivers is a 380,000 square foot retail and leisure scheme. It sits on the edge of Staines and is anchored by retailers including John Lewis-owned grocer Waitrose, Boots and Next along with Vue cinemas.
Aberdeen will continue to manage the centre, as it has done since the Two Rivers scheme was developed in 2001.
Peter Langly-Smith of M&G Real Estate said: "We are very pleased to have gained exposure to this dominant shopping park. Opportunities to invest in hybrid assets of this scale and nature are rare, and reflect our desire to invest in properties that are well placed to outperform against a backdrop of an ever-changing retail landscape."
He said M&G plans further deals.