First Scottish purchase for NewRiver Retail
The Piazza Shopping Centre has been bought for more than £20 million.
The Paisley site has been snapped up by investment trust NewRiver Retail.
It is the first time NewRiver has made a purchase in Scotland.
Charles Spooner, senior asset manager at New River Retail, said: "As specialists in identifying and improving successful retail property in towns and cities across the UK, we are always looking to add value to properties with potential.
“Since our acquisition of the Piazza we have successfully renewed leases with two existing tenants and negotiated deals for two brand new leases in the Mall.
"Our vision for the Piazza is to build on the characteristics which have seen it continue to prosper in a difficult economy, and to attract and retain more tenants who will thrive in the retail environment created there."
Existing tenants in the centre include New Look, Boots and Peacocks.
NewRiver paid £68m for the Piazza plus Merlin’s Walk, Carmarthen, The Hildreds Shopping Centre, Skegness and The Horsefair, Wisbech which means it now owns 14 shopping centres in the UK.