The Henderson UK Property Fund has paid£7.25 million for Leicester's 3,600 sq m St Martin's Square shopping precinct.
The fund has bought the fully-let complex from Urban First, with a long-term commitment to make it more attractive to shoppers.
The square attracted seven bids, each of about£7 million, from parties from across the UK.
Henderson said it was attracted to the site because it was well-established, fully let and offered a high-income yield as a long-term investment. 'The objective is to improve the scheme and make it more attractive to the shopper,' said Rupert Sheldon, on behalf of the buyers.
Henderson has appointed Lambert, Smith Hampton as letting and managing agent for the centre.