Keighley's Airedale Shopping Centre has been sold for £30 million.

And the new owner, London-based REIT Asset Management, this week pledged improvements to the prime town-centre site.

The shopping complex is among 18 across the UK now owned by REIT and forms part of a £260 million package of centres bought by the company from Land Securities.

Kevin McGrath, a partner in REIT, said: "We made a decision 18 months ago that shopping centres were a good investment and we are delighted with the acquisition in Keighley.

"The town is strong and we feel there is real potential with the Airedale Centre.

"There are no glaring problems with the current scheme, but it does need a bit of improving and updating.

"Some work is already being done on the car park and we will be looking at a combination of initiatives and promotions. We want to ensure there is a clean and secure environment, which will help bring in more people."

Managing agents Lee Baron will be responsible for the day to day running of the complex.

The Keighley News revealed before Christmas that Land Securities was negotiating to sell the site -- which it had owned and managed for 35 years -- and five of its other shopping centres across the UK.

Gerald Jennings, the Leeds-based regional manager of Land Securities, said this week: "We have taken great pride in the active owner-management of the Airedale Shopping Centre for more than three decades.

"We have, over that time, been involved in a multi-million-pound rolling programme of investment in the centre's facilities. Most recently, this has included on-going improvements to the car park.

"We are pleased to be handing over the centre in such good order, and wish REIT and Lee Baron every success for the future."

REIT has an investment portfolio valued at over £2bn, extending across a wide range of properties throughout the UK and Europe. In addition to shopping centres, its portfolio includes offices, industrial premises, retail warehouses, unit shops, hotels and nursing homes.