An unnamed private investor has paid £44.5m to buy Chester retail park from Land Securities.
The price for the 150,000 sq ft estate, anchored by TK Maxx, reflects a yield of 6.9%.
Land Securities has completed several large sales recently as it pays off debt. Lasts week it sold its 33% stake in the Bullring shopping centre in Birmingham for £210m.
Savills advised the buyer in Chester.