Clayton Square Shopping Centre in Liverpool has been sold by Land Securities to InfraRed Capital Partners.
The shopping centre comprises more than 170,000 sq ft of retail space in 34 shop units.
Tenants include Boots, Clas Ohlson, Body Shop and Vision Express.
Clayton Square is close to Liverpool Central Station and adjacent to the pedestrianised zone in Liverpool city centre leading from St Johns Centre, which InfraRed bought in a £76.5m deal last year.
London-based InfraRed is a long-standing investor in UK shopping centres having managed three shopping centre funds between 1998 and 2006 and acquired and sold over 20 shopping centres in that period.
It invests in projects seeking to add value through active management and re-entered the UK shopping centre market in 2011 acquiring The Galleries in Bristol.
InfraRed director Christopher Huxtable said: "The purchase of Clayton Square consolidates our position in Liverpool's central retail market and adds to our growing portfolio of UK shopping centres.
"We are pursuing further acquisitions of well-located centres within strong retail markets that require intensive asset management and repositioning."
InfraRed has appointed the Hark Group as asset managers and Munroe K Asset Management as property managers.
Coady Supple advised Land Securities.