The House of Fraser building in Birmingham city centre has been sold as part of a £219 million deal.
Legal & General Property has acquired the 490,000 sq ft building in Corporation Street from British Land for £71.4 million in an off-market deal along with Kingswood Retail Park, in Hull, and mixed-use complex Grenfell Island in Maidenhead.
Legal & General, which in said the purchase price reflected a blended net initial yield of about 6.3 per cent.
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Mark Russell, senior fund manager of L&G's Managed Property Fund which acquired the properties, said: "We are very pleased to have successfully concluded this important transaction with British Land.
"The assets acquired provide a long-term income stream which is supported by a high quality tenant line up.
"There are numerous opportunities to enhance value in the short and medium-term and forthcoming infrastructure improvements to Maidenhead and Birmingham will further enhance these asset fundamentals without cost to our investors."
The £2.2 billion Managed Property Fund was launched in June 1971 and is an open-ended fund available to occupational pension schemes.
Charles Maudsley, head of retail for British Land, said: "Our focus in retail is to allow consumers to shop in a way that suits them, so we are evolving our portfolio to match their expectations.
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"At the half year, we said we would be making selective disposals and we are pleased that the deals announced today were all achieved at prices ahead of book value, and have generated attractive returns for us."
British Land was represented by CBRE and Knight Frank. Legal & General Property was advised by Knight Frank, Morgan Williams and CBRE.