Retail property company Capital & Regional has completed the sale of the Waterside Shopping Centre in Lincoln to Tesco Pension Fund, for £46m.
The shopping centre has recently been given a £9m refurbishment and the addition of High Street brands such as H&M and Next.
The company took on the shopping centre in 2011 for £24.8 million.
A spokesperson for Capital & Regional said: “Since purchasing Waterside in 2011, we have have sought to enhance the retail offer with targeted lettings and significant investment in modernising the centre.
“We developed strong relationships with the local authority, listened to the needs of local shoppers and worked hard to provide suitable space for modern retailers.
“Together with our partners, Karoo Investment Fund, we recently completed the £9 million redevelopment programme.
“This was carried out by local contractor Simons and has transformed Waterside’s fashion offering, introducing H&M and bringing Next and Body Shop back to Lincoln.
“We are extremely pleased with what we have achieved with the centre and are confident its new owners will continue to build on its reputation as Lincoln’s leading fashion and lifestyle centre.”
The shopping centre will continue to operate as usual for customers.
Capital & Regional is a property company with a history of taking on retail and leisure assets and improving them. It currently holds a portfolio worth £1.2 billion.