The 280,000 sq ft St George's Shopping Centre in Preston city centre has been bought by InfraRed Capital Partners for around £75m.
The shopping centre was sold by Aviva. There are more than 200 units within the building, with tenants including Marks & Spencer, River Island, H&M, New Look and WHSmith.
The acquisition was on behalf of InfraRed's Active Fund III.
Other InfraRed assets in the region include St John's and Clayton Square Shopping Centres in Liverpool, and Mill Gate in Bury.
InfraRed has appointed the Hark Group as asset manager and Munroe K Asset Management as property manager.
Barker Proudlove, Cushman & Wakefield and Olswang advised InfraRed. Lunson Mitchenall represented Aviva.