Frasers Group has acquired the Overgate Shopping Centre in Dundee for an undisclosed sum.
The 400,000 sq ft, 70-unit mall currently includes brands like Primark, Boots, Next and H&M.
It was previously bought by Legal & General for £125.3m in 2014.
A statement from Mike Ashley's retail group said the deal would provide "multiple opportunities for the group's elevated store concepts" and called the centre Dundee's "primary retail location".
Head of real estate James France explained: "Not only do the acquisitions of both Overgate Shopping Centre, and The Mall in Luton, bolster our commitment to the long-term future of physical retail, but they further demonstrate our commitment to injecting new life into key shopping destinations across the UK and Europe."
Frasers Group will continue to work in partnership with property asset manager Sovereign Centros, to manage both schemes.
Chris Geaves, chief executive of Sovereign Centros, said: “We are delighted to be involved with this acquisition, Dundee is one of those prime locations with a captured catchment where retailers trade well and we are looking forward to implementing our business plan.”
Mike Ashley bought the House of Fraser department store chain for £90m in 2018, before changing the company's name from Sports Direct International to Frasers Group the following year.
He stepped down from the group's board last year, but is still its controlling shareholder, with a stake of nearly 70%.
Frasers Group's brands include Sports Direct, Game, USC and Jack Wills.
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