Leamington Shopping Park has been sold for £72 million.
Hercules Unit Trust and the Crown Estate, via their joint venture Gibraltar Limited Partnership, have disposed of the park to Ignis UK Property Fund.
The deal represents a net initial yield of 4.4 per cent.
The scheme was extensively refurbished in 2009 and moved from being a traditional bulky goods' retailer into a fashion-led park.
Debenhams opened a department store in October and Caffe Nero took its first out-of-town unit at the park.
The original line-up included Focus, MFI, Harveys and Rosebys but occupiers now include Next, New Look and Mamas & Papas.
Charles Maudsley, head of retail for the park's property adviser British Land, said: "We have realised significant value at Leamington Shopping Park by transforming it into an attractive and successful shopping destination.
"That value has been recognised by the market and the sale demonstrates both the strong UK institutional demand for the right type of product and confidence in the prospects for the retail occupational market."
George Shaw, investment director at Ignis Real Estate and lead manager on the Ignis UK Property Fund, added: "We are delighted to acquire such a high quality asset which offers further opportunity through asset management to increase and enhance the income profile and returns.
"The asset will prove a valuable addition the fund's portfolio."
Gibraltar represented itself and Ignis was represented by CWM Out of Town. Hercules Unit Trust is advised by British Land and managed by Schroders.