A city centre retail parade has been sold in an off-market deal.
London-based investor Tri Capital has acquired the units in Dudley Street, Wolverhampton, from Birmingham-based property group Hortons.
The parade comprises eight retail and office units, totalling 69,519 sq ft, which are let to tenants such as Metro Bank, Starbucks and TSB.
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Hortons owned the property for more than 60 years and the sale is part of its strategy to dispose of non-core assets and re-deploy capital into projects within its existing portfolio as well as potential acquisitions.
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Earlier this year, Hortons sold the adjacent Castle Yard retail parade to a private investor for £2.7 million.
Birmingham-based MK2 Real Estate advised Hortons on the sale.
Director Mark Johnson said: "Following the sale of Castle Yard in May, we're pleased to have assisted Hortons on the disposal of its second and final retail investment in the city centre.
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"The property produces a consistent rental income, with opportunities to add value through future rental uplifts and the letting of the vacant Sports Direct unit."
Terms of the sale were not disclosed.