Clients of LaSalle Investment Management have paid £19m to buy Exchange Shopping Centre in Rochdale from Axa Real Estate Investment Management, reflecting a net initial yield of 9%.
The 270,000 sq ft shopping centre was built in 1976, refurbished in 1997, and comprises 39 ground floor shops with a three-storey office building above.
Anchor tenants include River Island, Boots, Iceland, Home Bargains, Beales, B&M Bargains and Poundland.
The centre is 90% let.
James Boyd Phillips, head of retail, LaSalle Investment Management, said: "The acquisition of The Exchange Shopping Centre, Rochdale, is a great example of the investments we are seeking. Situated in the heart of Rochdale town centre, fronting onto the high street, the centre is the key retail offering in the town and a vital element in ensuring continued economic growth in the area."
LaSalle Investment Management was advised by both Green and Partners and Lewis & Partners whilst Axa Real Estate Investment Management was advised by CBRE.