Agora Max, a retail fund owned by Warner Estate Holdings and Lloyds Banking Group, has disposed of the Grange and Pyramid shopping centres in Birkenhead.
The two centres, totalling 600,000 sq ft, were acquired by LaSalle Investment Management. The centres were valued at £88m in 2010. Lloyds' share was held in subsidiary Uberior Ventures.
Warner said: "The proceeds of the sale will be utilised to reduce the debt within Agora Max, which is non-recourse to the group. The carrying value of the investment in Agora Max on the company's balance sheet was written down to £Nil some time ago."
Warner also owns Market Place shopping centre in Bolton.