Palace Capital has announced the proposed £20.7m acquisition of O&H Northampton and a conditional £20m placing.
The group is buying Sol Central, a 13-year old, 190,000 sq ft mixed leisure scheme in central Northampton which produces a net rental income of £1.89m per annum.
Current tenants include an Ibis Hotel, Vue Cinemas, two gymnasiums and a two-storey car park.
The price reflects a net initial yield of 8.86% and a weighted average unexpired lease term of 13.7 years to expiry, 13.5 years to breaks.
Separately the placing is to raise £20m and the company has also secured a five year loan of £11.385m from Santander UK at 2.25% over Libor.
Palace Capital reported pre-tax profit of £4.6m for the years ended 31 March 2015.