THE Port Arcades shopping centre in Ellesmere Port is being sold for £48.25m.
Warner Estate Holdings has agreed the sale on behalf of the Agora Shopping Centre Fund, based in London.
The centre will be sold, with the landlord's consent, to HSBC Shopping Centre Fund III.
No jobs or stores in the centre will be lost as a result, and the day-to-day running of the complex will be unchanged.
Warner has been managing a substantial redevelopment and refurbishment programme at the Arcades, increasing both its size and the quality of tenants.
The firm manages seven other large shopping centres in the North West on behalf of Agora.
Richard Moore, property director of Warner Estate, said: 'This sale is an excellent example of our ability to unlock the potential in a centre through active asset management.
'The Port Arcades now represents a first-class property investment with a rental income stream secured from an excellent line-up of national retailers with strong covenants, who have taken space on long leases.
'Since the completion of the re-development, footfall has increased dramatically and the centre is thriving.'
He added: 'Warner Estate's Agora team will now focus on plans for adding value to the remaining seven shopping centres in the fund.
'The proceeds from this disposal will be recycled into our re-development programme, which includes a major scheme in Birkenhead.
'We have a long-term commitment to the North West and look forward to reporting further progress.'