Intu Metrocentre acquired by developer Sovereign Centros
The company will serve as asset manage for the centre on behalf of owners, the Metrocentre Partnership, while Savills will take on the responsibility for the on-site property management.
Sovereign Centros confirmed there is a £25 million budget available to improve the centre and adjoining retail park.
The shopping destinations name and branding will remain in place for an interim period, before a new name is finalised.
Chris Geaves, Sovereign Centros Chief Executive, said in a statement: "This is a very important day. We are delighted to be taking the centre over. There are clearly challenges for us all at this time but we want to take the centre back to where it was as The Metrocentre, which the local community was always very proud of.
"Our aim is to inject new life with vigour with different uses to ensure that it remains the place to come to for a very long time."
Earlier this month fashion retailer Next opened its new beauty concept, The Beauty Hall from Next, in former Debenhams sites at Intu Watford and Intu Milton Keynes, now also opening a third site at Intu Metrocentre.