Capital Shopping Centres, the quoted group which owns the Trafford Centre and Manchester's Arndale, has agreed to acquire two sites from the Peel Group.
It is spending £4.7m on a 30-acre site at Glasgow docks next to its Braehead shopping centre, and £2m on an option on two sites in Malaga, Spain – a 60-acre plot with planning for a shopping centre and an adjacent 14-acre site.
Peel's founder John Whittaker has around 25% of CSC and was made deputy chairman earlier in the year.
He took a stake in the business after it agreed a £1.6bn all-share deal to acquire the Trafford Centre in January 2011. Whittaker has continued to buy shares in the FTSE 100 company.
CSC said the Glasgow deal would give it "significant opportunities" for future development at Braehead, while the Spanish option offered, "access to a considerable opportunity to secure a prominent site at a relatively low cost and with minimal risk".
Because of Whittaker's links to CSC the deals will be subject to shareholder approval on 17 February.