Cheshire Oaks Designer Outlet has been sold as part of a wider deal worth £600m, it has been confirmed.
The news comes after reports surfaced in January that the popular Ellesmere Port shopping destination was on the verge of being purchased, along with a designer outlet in Swindon.
Now, real estate investment management firm LaSalle Investment Management - a subsidiary of the property giant JLL - has completed a deal to buy both outlet villages from current owners Nuveen Real Estate.
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The assets will continue to be managed by McArthurGlen, Europe's largest manager of premium designer outlets, Cheshire Live reports.
Most of the portfolio value is comprised of Cheshire Oaks Designer Outlet, the largest designer outlet in the UK.
Cheshire Oaks is spread across 400,000 sq ft and includes more than 160 individual units, with Burberry, Polo Ralph Lauren and Nike amongst its key occupiers.
LaSalle said it intends to invest in both sites to expand event areas and car parking, enhance customer experience and improve its environmental credentials.
Blake Loveless, head of value-add investments at LaSalle, said: "We're thrilled to be working with McArthurGlen on this exciting venture. These are two of Europe's premier outlets and are well-placed within our value-add strategy, which targets attractive risk-adjusted equity returns for real estate investments across Europe."
Michael Zerda, head of debt and value-add strategies at LaSalle, added: "This transaction represents the first large-scale acquisition made by LaSalle's reconstituted value-add investments business line in Europe.
"We look forward to unlocking the full potential of this portfolio in the years to come for the benefit of our investors."
John Ralston, McArthurGlen's regional director, UK & Canada, said: "Having originally developed and managed the successful McArthurGlen Designer Outlets at Cheshire Oaks and Swindon since their openings in 1995 and 1997 respectively, we are delighted to be working with LaSalle on its new investment.
"This demonstrates our continued confidence in both Centres and in the outlet sector across Europe."
