Gloucester's Mall shopping centre has been sold as part of a £136m deal.
The complex, on Eastgate street, is one of four covered retail centres being sold by the Mall Fund to clients of Rockspring Property Investments.
Other centres included in the deal are Marlands in Southampton, Liberty 2 in Romford and the Howgate in Falkirk.
Gloucester city council leader Paul James said he hoped the sale would kick-start some investment in the centre, which has several empty units.
"It's been several years since we've had any major spend on the shopping centre itself," he said.
"I do hope it'll improve the look of it, but also attract new and good quality tenants."