Bruntwood has teamed up with Bury Council on a joint venture to buy and redevelop the town's Mill Gate shopping centre.
The property and regeneration specialist has vowed to work with the council to create a "vibrant and dynamic" mixed use development including retail, leisure, residential and office spaces across the 15-acre site.
It follows an earlier announcement in March that Bury Council was acquiring the 15-acre Mill Gate estate from owner InfraRed for an undisclosed sum.