St Modwen has sold the 120,000 sq ft North City Shopping centre in Harpurhey, Manchester to Danish investor Habro for an undisclosed price.
Publicly listed St Modwen said the disposal was part of its strategy of 'adding maximum regenerative value to its schemes before recycling the capital raised from their disposal into acquiring new opportunities'.
St Modwen added new indoor and outdoor markets and refurbished the existing malls, car parks and service yards during its eight-year ownership of the centre.
Paul Batho, senior development manager for St Modwen, said: "St Modwen originally signed up for the scheme because we recognised its development potential. Where previous proposals for the centre had been unachievable, using our extensive regeneration experience, we devised a scheme that was feasible in commercial terms and would enable the transformational change that our local authority partners wished to see. We have a strong track record for being able to tackle challenging schemes, which may have stalled for one reason or another, and felt that our expertise would be well suited to helping finish the job in Harpurhey."
St Modwen was selected for the scheme by Manchester City Council following its work at Wythenshawe town centre, where the developer is still managing and developing a £100m regeneration project.
A new leisure centre, accommodation for the Manchester College of Art and Technology and a new library were also created at Harpurhey by St Modwen.
The Manchester office of DWF advised St Modwen on the sale.