The owner of The Rock in Bury is understood to have brought the shopping centre to market for around £110m.
The Rock is made up of 620,000 sq ft of retail and leisure space, more than 1,000 car parking spaces, and is anchored by Debenhams and Marks & Spencer, alongside other retailers such as Next, River Island, H&M and Primark.
In the leisure element, there is a 10-screen multiplex cinema operated by Vue, alongside bowling, a gym and family entertainment centre. There are also 13 cafes and restaurants, and a residential development of 400 homes.
Cushman & Wakefield and real estate investment company Eastdil Secured have been appointed to advise on a potential sale.
Kennedy Wilson acquired the site as part of a £778m portfolio of debt from Lloyds Banking Group in 2012.
The Rock was opened in 2010, with construction completed by asset manager Hammerson after previous developer Thornfield went into administration.