Grosvenor has bought the 453,000 sq ft (42,085 sq m) Forge Shopping Centre at Parkhead, Glasgow, from a consortium headed by Apollo Real Estate.
The group will inject the scheme into its Grosvenor Shopping Centre Fund, taking the fund value toÂŁ500 million.
The Apollo consortium only bought Forge last year, for a reportedÂŁ100 million. Neither party would confirm the price paid this time, but investment agents speculate that Grosvenor has paid aboutÂŁ120 million.
First opened in 1988, the centre has more than 80 units, with brands including Dunnes Stores, Asda and Littlewoods.
It also has a seven-screen UCS cinema complex and 1,800 parking spaces.
Grosvenor retail fund manager Tony Christie said: 'The Forge fits exactly the criteria for the fund, which targets town centre locations offering prime retail pitches.'
DTZ Debenham Tie Leung acted for Grosvenor. Strutt & Parker advised the vendors.
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