Market Gates Shopping Centre bought for £28m

Market Gates has remained open since it went into administration

A shopping centre which went into administration last year has been bought for £28m by an asset management company.

Ellandi Retail Fund has taken control of Market Gates in Great Yarmouth.

The centre has about 40 stores and has remained open since an administrator was appointed in March 2012.

Ellandi said it deliberately targeted value shopping, which it felt was "better insulated from the threat of the internet".

It has acquired nine shopping centres in the past four years, including Newlands in Kettering, Northamptonshire, and Grays Shopping Centre in Essex.

According to its website, it focuses on "unloved" sites, putting in free Wi-Fi and a loyalty card scheme for customers.

Market Gates' administrator Deloitte LLP said last year that it was looking at a "proactive asset management strategy" to make the development "even more attractive to potential investors and occupiers".