The 463,000 sq ft (43,010 sq m) centre is adjacent to the Agora-owned Pyramids shopping centre. It plans to merge the two schemes to create a significant retail presence.
The Grange was developed in 1976 and is anchored by Marks & Spencer.
Other key tenants include TJ Hughes, Littlewoods and WHSmith. In addition, the shopping centre has a 475-space multi-storey car park.
The purchase will bring the number of shopping centres invested in the Fund to eight, with an aggregate value of slightly less than£300 million.
Warner Estate property director Richard Moore said: 'The Grange, together with the Pyramids scheme in the town, which we acquired last year, make us the dominant retail property owner at Birkenhead. There is real synergy between the two and they offer excellent potential for growth.'
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