Property group British Land has sold a 50% stake in its Meadowhall shopping centre in Sheffield for £587.7m.
The stake has been bought by a joint venture comprising London & Stamford Property and the Gulf-based investors Cavendish.
The sale valued the shopping centre at £1.175bn, 16% lower than stated in the company's interim results in November.
The valuation is just above the £1.07bn paid by British Land when it bought Meadowhall in 1999.
London & Stamford will take a 16% stake in the centre, with Cavendish taking 34%.