Hammerson has completed the sale of its 50% stake in Highcross shopping centre in Leicester to an Asian investor for £236m.
The sale price represents a 5% discount to the December 2017 book value.
The completion of the transaction follows standard European Union competition clearance.
Hammerson will use the net proceeds from the sale to reduce drawings under its revolving credit facilities and reduce net debt.
David Atkins, chief executive of Hammerson, said: “We are pleased to have attracted a respected investor who shares our future vision for Highcross. The recent leasing momentum demonstrates that brands continue to open new stores. However, the location has to be right, with only the best destinations making the cut.
“We don’t see this changing any time soon, and a vibrant brand line-up with the ability to ensure constant variety is fundamental to Highcross’ success as a flagship venue.”