Capital & Regional has acquired Fareham House in Hemel Hempstead in a £7.8m off-market transaction.
The property is adjacent to two other sites owned by C7R, Marlowes shopping centre and Edmonds Parade, which the company bought in February.
Together the properties cover 340,000 sq ft across 87 shops.
The purchases cost £53.8m and represent a yield of 7%.
The purchases will be paid for using cash, some draw down of existing facilities and a five-year loan of £26.9m from RBS.
The rate payable on the loan is expected to be an all-in 3.3%.
Chief executive Hugh Scott-Barrett said: “We have worked hard to acquire Fareham House off-market and the transaction represents a considerable success in the opportunity that we now have in Hemel Hempstead, a strong South East commuter town with significant growth potential that has historically been under-invested in.
“Together, the three acquisitions we have undertaken provide us with effective control of the town centre retail offer and unlock attractive longer-term prospects for a more comprehensive development and repositioning that fit well with our asset management capabilities.”
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