Aviva Investors Property Trust has bought St George's Shopping Centre in Fishergate for just under £90m reflecting a net initial yield of around 7.75%.
Aviva Investors fund managed the Preston shopping centre, which was known as The Mall fund, while the property manager was Capital & Regional, which also owns the MEN Arena in Manchester.
Independent and high street retailers including Marks & Spencer, Dorothy Perkins, New Look, Peacocks and H&M, occupy space at St George's Shopping Centre.
Aviva Investors Property Trust was advised by property consultants Lunson Mitchenall and law firm Pinsent Masons. The Mall was advised by CB Richard Ellis.