Premier Property Group, the property vehicle of Glasgow Rangers chairman David Murray, has paid£36.7 million for the Princes Mall centre on Princes Street, Edinburgh.
The purchase price reflects an initial yield of about 6 per cent.
The underground shopping centre, linking Princes Street to Waverley station, has been sold by Haslemere, which has been selling off its retail portfolio since its takeover by Israeli-owned investor Brack Capital.
Consent exists for a 43,000 sq ft (3,995 sq m) extension to the mall, taking it further under Princes Street. The new owner is understood to have plans for a refurbishment to coincide with the extension, with the aim of making the mall more attractive to mainstream retailers.
Cushman Wakefield Healey & Baker advised Haslemere. Smolka & Co acted for PPG.