Property investor Development Securities has spent £11.1m on two sites in Manchester including Chorlton's shopping centre.
The quoted group, which owns the Manchester Evening News Arena, has struck the deal with Altrincham-based developer Citybranch.
It has bought Chorlton Cross Shopping Centre in the suburb of Chorlton-cum-Hardy as well as a "mixed-use asset" on Liverpool Road.
Citybranch, which is owned by the Gross family, had been planning to redevelop the 1970s shopping centre in partnership with Ask Developments and Manchester City Council. The plans were shelved in 2009 due to the recession.
Development Securities acquired Citybranch's Hale shopping centre last year where locals were concerned about the scale of planned changes.
It went on to win local support and subsequent permission for an overhaul with Booth's as the anchor tenant.
It could face the same challenges in Chorlton, an area well-known for its independent shops and vocal community lobby.
The shopping centre sits on a two-and-a-half-acre site and has a net initial yield of 8.44%.
Development Securities said it had, "significant potential for repositioning or redevelopment within a market where there is strong retailer demand".
The acquisition was financed with £4.5m of equity and debt provided by The Cooperative Bank.
Development Securities investment director Matthew Weiner said: "We continue to selectively deploy the proceeds of the £200m of shareholder equity that we raised in 2009 and 2010 in secondary assets which offer attractive income returns and where we can apply our asset management and development expertise to create value.
"Manchester is a key market for us and the Chorlton Cross Shopping centre is well located within a wealthy suburb which is currently undersupplied with respect to its local retail offer."