Regeneration developer and investor U and I Group said it had acquired the Waterglade Retail Park at Clacton-On-Sea in Essex for £11.3m.
The company also said it had sold part of the Killingworth Centre in Newcastle for £7.5m.
The Killingworth Centre was identified as a strategic disposal to bring the company's investment portfolio further in line with its geographic focus on three regions: London, Manchester and Dublin.
Waterglade Retail Park was occupied by four tenants: B&M, Halfords, Iceland and Carpetright, and generated an initial yield of around 9%.
At 9:47am: (LON:UAI) U and I Group Plc share price was -0.5p at 204p