M&G Real Estate has bought Bridgend Designer Outlet for £115.5m [$174.25m] from TH Real Estate, which is owned by US pension fund TIAA-CREF.
The acquisition was for the M&G property portfolio.
The 244,080 sq ft designer outlet, located between Swansea and Cardiff in Wales, hosts a range of designer and high street brands including Gap, Marks & Spencer, Lacoste and Kurt Geiger, as well as restaurants and cafes.
The centre will continue to be managed by McArthurGlen.