The Crown Estate has paid £81m to buy the 145,000 sq ft Coliseum Shopping Park in Cheshire Oaks, Ellesmere Port from Equitable Life Assurance Society.
Tenants at Coliseum include Next, Argos, H&M and Mamas & Papas. Debenhams is due to open in 2014.
The Crown Estate's portfolio of regional retail and leisure assets is worth £1.6bn. It includes 15 retail parks, one leisure scheme, and interests in three shopping centres. Aintree Shopping Park in Liverpool is owned by the Crown Estate.
Equitable Life Assurance Society is managed by Shroders Property Investment.