A shopping centre in Greater Manchester is to be sold by a real estate investment giant to a local council.
Bury Council's move to buy the Mill Gate shopping centre paves the way for its redevelopment.
The authority agreed the acquisition of the 15-acre Mill Gate estate from owner InfraRed for an undisclosed sum on Tuesday, March 22.
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It will be paid for by a loan from the public works loan board, the Local Democracy Reporting service said.
The council will also enter into a joint venture with developer Bruntwood to work on improvements to the shopping complex.
By owning the centre, the council said it aims to be in control its future destiny.
The authority added it wished to "avoid the shopping centre being acquired by an income-investor, who would potentially extract surpluses from the centre for short term gain rather than re-investing in the estate".
The report to the cabinet stated the move was "to secure its long-term future" and to avoid "public sector intervention further down the line at potentially great cost".
Bruntwood is working on a similar project with Trafford Council on the revamp of Stretford Mall.
InfraRed purchased Mill Gate from Aberdeen Asset Management in 2014 for £52m and has since invested £20m at the centre.
Early plans for the revamp of centre were included in a draft of Bury Council town centre masterplan.
The report, said: "One of the most important character zones established by the masterplan is the retail heart which includes Mill Gate, the Rock shopping centre and Bury Market.
"The plan identifies opportunities to consolidate and diversify the current Mill Gate retail offer with the addition of new residential, leisure uses, serviced offices and food and beverage uses.
"The acquisition of the centre and the joint venture with Bruntwood provide the control, investment and expertise to deliver those opportunities."
The council said it wished to coordinate the development of Mill Gate with other huge Bury town centre projects including the new Metrolink station and transport interchange, the pending Bury Market Flexi Hall and a hotel development on the site of the former fire station.
The council confirmed that during the development work they would retain all retailers in the Mill Gate who wish to remain and that the shopping centre will remain open throughout each development phase.
Speaking shortly after the decision was approved, council leader Cllr Eamonn O'Brien said: "This will boost the Bury economy and the town centre.
"This is one of the biggest pieces of work we've entered into in terms of scale.
"It's a sign of our aspirations not just in the here and now in Bury but a sign of what we are trying to do in the next few decades."
He added that it was welcome that the decision had cross party support in the council.
