Stockport Council has bought Merseyway shopping centre in Stockport, Greater Manchester, in a move which is hoped to drive forward a £900m town centre regeneration.
The 344,983 sq ft shopping centre was bought from receivers for an undisclosed sum.
However, Stockport Council chief executive Eamonn Boylan said the purchase was not at a cost to taxpayers.
The centre was taken over by receivers in 2009. The council said it plans to significantly invest in updating existing infrastructure and facilities as part of a £900m investment in the town centre.
The purchase is expected to complete by the end of this month.
GVA acted for the vendor; CBRE, Carillion and Barker Proudlove advised the council.
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