Shopping owner Intu has agreed to acquire the remaining 50% of Merry Hill estate in Birmingham from Queensland Investment Corporation for £410m.
Intu Merry Hill
The estate comprises the Merry Hill shopping centre, two retail parks, office and leisure facilities, and development land.
Intu bought the original 50% in 2014 for £408m.
Its average rent is £180 per square foot, below that of Intu Trafford Centre of £425 per square foot and Intu Lakeside at £350 per square foot.
It plans to improve the retail mix through reviewing anchor stores as well as targeting new international and aspirational retailers to open in the centre.