Land Securities is the frontrunner to buy the Houndshill shopping centre in Blackpool from administrator KPMG following the collapse of Modus Ventures.
LandSec has been building up firepower through a disposal of mature assets this year, raising £1.5bn to clear debt and begin a new phase of development and investment.
Modus and joint venture partner Ciref refurbished and extended Houndshill to 400,000 sq ft and opened the new-look centre in August 2008.
LandSec began talks six months ago with ING Real Estate over the stalled Northgate site in Chester and is expected to confirm a scaled down proposal for a joint venture in the coming months.
Modus Ventures went into administration in May. All parties declined to comment.