Roubaix Group has bought the 135,000 sq ft Market Gate shopping centre for £22m in an off-market deal, representing a 7% yield.
The property investment business and its financial partner Chanavari Investment Managers acquired the site from a private owner, in Roubaix's first purchase since it was founded by managing director Chris Beckerman in August.
Market Gate is in the centre of Lancaster, with tenants including New Look, WHSmith, Waterstones and Caffe Nero. A 50,000 sq ft Primark is proposed for the scheme, which would be the largest anchor store in the town.
Beckerman said: "The forthcoming arrival of Primark will be transformational for Market Gate and provides a springboard for further improvements to the centre that will release untapped value.
"This deal is the first of a string of proposed purchases Roubaix Group has in the pipeline and, with the substantial cash reserves at our disposal, we are targeting over £100m of additional acquisitions by the end of next year."
Roubaix Group was unrepresented and the vendor was advised by Coady Supple.