The shopping centres are located in Bracknell, Bristol, Burton on Trent, Cannock, Chepstow, Cleveland, Derby, Fleet, Kings Lynn, Norwich, Pevensey, Stoke on Trent, Stroud and Wickford. Each centre is anchored by a large convenience store occupied by T Stores trading either as Dillons and One-Stop.

Fletcher King acted for Prism Estates, and Bushe Gower Associates acted for the Rowlandson Organisation.

Prism Estates director Graham French said: 'We are seeking similar opportunities to rapidly increase the company's net asset value over the next two years. We intend to realise the latent value in these centres through refurbishment and hence secure different tenants for the units.'

And Simon Taylor, director of retail at Fletcher King, added: 'This deal highlights the current value to be achieved in local shopping centres. We look forward to working with Prism on more deals of this kind.'

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