Rockspring Property Investment Managers has completed the purchase of Green Lanes Shopping Centre in Barnstaple from British Land for £36.1m.
The deal reflects a net initial yield of 6.5 per cent.
Rockspring plans for the redevelopment of the site, including a new TK Maxx anchor store scheduled to open in summer 2015.
The 140,000 sq ft scheme, which comprises 40 units and 500 car park spaces, was acquired by British Land in 2011 for £30.3m. Retailers include Monsoon, New Look, River Island, Topshop, Jones Bootmaker, BHS and Wilko.
Mischa Davis, associate partner at Rockspring said: "Acquiring Green Lanes adds another long term asset to the portfolio. There is plenty of opportunity to add capital value through repositioning the scheme and improving the retail offer."
Rockspring is a property investment company with offices in London and across Europe. Last year marked the 30th anniversary of its establishment by founder and non-executive chairman, Richard Plummer.