Church Square Shopping Centre in St Helens has been bought by LaSalle Investment Management for £27.73m.
The centre was sold by administrator Grant Thornton following the collapse of previous owner the Britannica fund.
The price paid for the 332,346 sq ft mall reflected a net initial yield of 10%.
LaSalle was advised by Cushman & Wakefield and Lunson Mitchenall. Coady Supple advised CBRE Britannica St Helens.