Orchard Street Investment Management LLP has paid £14m to buy St David's Retail Park in Bangor from UBS Global Asset Management.
The deal for the 70,000 sq ft out-of-town park reflects an initial yield of 7%. The park will sit in Orchard Street's UK Special Situations Fund.
St David's Retail Park in Bangor was built in 2002 and is fully let to tenants including PC World, David Whelan and Matalan.
The deal is the fifth acquisition for the UK Special Situations Fund, making a total investment of £106m to date. The fund also owns retail parks in Chelmsford and Bournemouth, a shopping centre in Southend, and 60 Cannon St in the City of London.
Orchard Street said there are additional funds available for investment.
Barney Rowe, partner at Orchard Street and fund manager of the Special Situations Fund, said: "This opportunity is a high quality combination of a good yielding asset, providing excellent potential for rental growth in the medium term, as well as for its attractive asset management possibilities. We remain confident that the retail warehouse sector is interesting in general terms and Orchard Street would invest further when the right situations arise."