The Pallasades Shopping Centre in Birmingham has been sold in a deal worth more than £150 million.
Property investment company Warner Estate Holdings said it had set up a new property fund to buy the 290,000 sq ft centre for £151.47 million.
Called Agora Max, the fund is a joint venture between Warner and Bank of Scotland and will be used to purchase other city shopping centres throughout the UK.
Warner - which failed in its bid to acquire Birmingham's Pavilion shopping centre last year - said it was delighted to have secured the Pallasades and would be working closely with both the city council and Network Rail on the site's redevelopment.
Michael Stevens, operations director at Warner Estate, said the group was committed to the regeneration of the Pallasades site.
"We have seen very preliminary sketches for planned redevelopment and we look forward to working closely with all parties to create a design that works from a commercial, logistical and engineering point of view," Mr Stevens said.
"We would also hope that any redevelopment would not disadvantage our customers or tenants," he added.
The Mall, a subsidiary of property group Capital & Regional, announced it was selling the Pallasades in July.
The group said it did not want to be involved in the £350 million revamp of New Street Station.
Warner also confirmed it would keep the current Pallasades management team, headed by general manager Jonathan Cheetham.
"We are very happy to keep the original team, "Mr Stevens said. The group hopes to use this experience to improve the centre's retail offering, although Mr Stevens stressed the Pallasades would not try and compete with the Bullring.
"The Bullring is an aspirational, high-end shopping experience," he said. "I think we would like to aim the Pallasades at a slightly lower market."
The Pallasades is home to 88 stores including chains such as Peacocks, Argos, JJB Sports, HMV and Woolworths.
The next step, Mr Stevens said, would be to improve the look of the centre and address units that are currently unoccupied.
"Most shopping centre owners would give their right arm for the footfall of the Pallasades. However, the place has been unloved and we want to brighten it up," he said.
"There is little we can do before Christmas, but we hope people will start to see a change early next year."
Mr Stevens did not expect any major redevelopment to start in the next two years.
"There are a lot of engineering issues that need to be addressed and I do not expect us to be able to get under way
for some time," he said.
Warner have also purchased Ladywood House office block as part of the £151.47 million deal, although it had no plans to develop it.
The 95,500 sq ft office block is leased to the Government until 2018.
"There is an option for a lease break in 2008," Mr Stevens said, "and if the tenants choose to take it, we will reconsider our options.
"Until then it will continue to provide us with a healthy income stream."