The One Stop Shopping Centre in Perry Barr has been sold for £70 million.
Fund manager Europa Capital has teamed up with property management firm Sovereign Centros to acquire the retail park in Perry Barr from Standard Life Investments UK.
Built in 1990, the shopping park sits on 28 acres of land three miles north of Birmingham and has 380,000 sq ft of retail space.
Among its tenants are Wilko, Nike, Asda, Boots and Sports Direct.
Hugo Black of Europa Capital said: "We are delighted to have completed our second transaction with Sovereign Centros.
"We believe that Perry Barr offers the opportunity to continue to enhance leasing performance of the asset and benefit from high cash-on-cash returns in a sector that is attracting increasing interest from domestic and international institutional investors."
Chris Geaves, of Sovereign Centros, added: "Sovereign Centros and Europa Capital are delighted to have acquired One Stop.
"The asset sits in an interesting area within Birmingham which is planned for significant change. We look forward to taking our plans for the asset forward."
Property agencies Savills and Strutt & Parker represented Europa Capital and Sovereign Centros and Standard Life Investments respectively.