British Land and Universities Superannuation Scheme Ltd (USS) said that the development of the 300,000 sq ft Whiteley Shopping Centre, between Portsmouth and Southampton, would be completed by spring 2013.
Enabling works are already nearing completion and main construction is scheduled to begin on site in early 2012.
Retailers including Marks & Spencer, Next, H&M and Boots have committed to the scheme, which is designed by architect Corstophine and Wright.
British Land head of retail Charles Maudsley said: “British Land will concentrate on developing mid-sized, urban retail schemes like Whiteley and leveraging our ability, experience and financial strength to create incremental value. We have the right strategy to develop successfully and exploit future demand for the right space.”