Regional investor Palace Capital plans to buy Sol Central, a 190,000 sq ft mixed-use leisure scheme in Northampton.
It will pay for the £20.7m scheme by issuing £20m of new shares.
The 13-year-old development is let to tenants including Ibis and Vue Cinemas. It also houses two gyms and a two-storey car park.
The price reflects a net initial yield of 8.86% and the weighted average unexpired lease term is 13.7 years.
The deal comes as Palace announced pretax profits of £4.6m and a portfolio value rise to £102.8m. The company’s NAV per share rose to 396p from 357p in 2014.
