The site had been Intu’s largest asset before being acquired by Sovereign, who plan to “inject new life” into the centre with a potential £25m future investment.
The firm is asset managing the centre on behalf of the Metrocentre Partnership. It also committed to investing in an adjacent retail park.
Chris Geaves, chief executive of Sovereign Centros, said: “This is a very important day and we are delighted to be taking the centre over.
“There are clearly challenges for us all at this time, but we want to take this important asset back to where it was as ‘The Metrocentre’, which the local community were always very proud of.”
The deal comes almost exactly four months after Intu collapsed into administration as it failed in reaching standstill agreements with landlords.