The 400,000 sq ft Mill Gate Shopping Centre in Bury has been bought by InfraRed Capital Partners for £52m.
The centre has 140 shops alongside one of the main car parks in the town, and was sold by Scottish Widows Investment Partnership, part of Aberdeen Asset Management.
InfraRed also owns the St John's and Clayton Square shopping centres in Liverpool, as well as three further centres across the country in Bristol, Norwich and Basildon.
Hark Group has been appointed as asset manager and Munroe K Asset Management as property manager. Barker Proudlove, Lunson Mitchenall and Olswang advised InfraRed; Cushman & Wakefield adwised SWIP.