Land Securities has offloaded the Overgate mall in the centre of Dundee to a fund run by Legal & General Property (LGP).
The 420,000 square feet retail site was built in 2000 and it has around 14m visitors through its doors each year.
It has 70 units with existing tenants including high street brands such as Boots, Debenhams, H&M, Next and Primark.
LGP said the deal, valued at £125.3m, was the first completed by its second UK property income fund.
Wells Fargo and Santander are also providing a seven year £150m debt facility for LGP.
Charlie Walker, director of business development at LGP and a fund manager, said: "As the first acquisition made by [the fund], this investment delivers a strong income profile as a core asset, whilst also providing additional opportunities to drive footfall and alter the tenant mix to enhance the rental tone across the scheme."
Cushman & Wakefield acted for Land Securities in the deal with CBRE advising LGP.
Land Securities paid £141m to Lend Lease for the Overgate in December 2010.
In October last year Land Securities and British Land agreed to sell the Bon Accord and St Nicholas shopping centres in Aberdeen to F&C Reit for £189m.
In Scotland Land Securities still has the Buchanan Galleries and 185 to 221 Buchanan Street in Glasgow, The Centre and Almondvale South Retail Park in Livingston and the Kingsway West Retail Park in Dundee in its retail portfolio.
It also has the leisure sites at Queens Link in Aberdeen and Fountain Park in Edinburgh.
LGP, the fourth largest institutional property fund manager in the UK, is a subsidiary of Legal & General Investment Management.