ACCRINGTON'S Arndale Shopping Centre has been sold to a Swiss bank for a staggering £37.5M.
The precinct changed ownership from Boultbee Land to UBS Wealth Management, which becomes the centre's sixth owner in a decade.
The news is seen as a boost to the town but centre manager Dave Jones said the deal would have no immediate implications for traders and staff.
Mr Jones, who has been the Arndale manager for more than 10 years, said: "We have a management agreement for another two years with EFM Asset Management, which runs about 14 shopping centres around the country.
"I can't see any changes until then. We have a meeting set up with the new owner in the next couple of weeks and the sale isn't seen as anything unusual from our point of view.
"The Arndale Centre has been sold on several times in the last few years. We have a very good relationship with EFM and expect to have monthly meetings with the new owners."
James Salmon, of Protego Real Estate Investors, which organised the sale on behalf of UBS, said the new owner "has no particularly grand plans" for the precinct.
Mr Salmon, head of asset management, said: "We are delighted to have bought this shopping centre. I have been up to Accrington a few times recently to see the site and we look forward to working with the management team. And we certainly intend to get involved with the local community."
Councillor Peter Clarke, Cabinet portfolio holder for economy and employment, said: "This really does signal the beginning of a new era for Accrington.
"We have a very nice pub chain, Barracuda, coming to town and with the Arndale selling for nearly £38M the company must be very serious about our town centre.
"It is great news that quality companies are noticing us and showing an interest."