Landsec has increased its stake in Kent's Bluewater Shopping Centre to 66.25% with a £120 million investment.
On Tuesday, the FTSE 100 commercial property giant said it had completed the acquisition of an additional 17.5% share from Singaporean investment firm GIC.
The deal will boost Landsec's net rental income by £10.3 million annually.
Landsec stated that this investment aligns with its strategy to enhance investment in major retail destinations, using capital from recent non-core asset disposals to generate earnings.
"This transaction underscores our ability to continue to create value through prime investments in scarce, major retail destinations with attractive return profiles," said Bruce Findlay, head of retail at Landsec.
"Bluewater is one of the UK's top retail destinations and a key part of our strategy to further build our relationships with key brands."
Built in a former chalk quarry near Dartford, Kent, the shopping centre is home to over 300 shops and restaurants over 1.85 million square feet and attracts 28 million visitors annually.