Bradford's biggest indoor shopping centre has been sold in a multi-million-pound deal to a major UK investment company.

The Kirkgate centre, with its 65 shops, has changed hands after 17 years in the ownership of Prudential.

Investment giant The Mall Corporation has snapped it up as part of a £537 million nationwide deal.

The sale comes as work begins on the demolition stage of the £300 million Broadway centre at the bottom end of the city and as parts of the masterplan for the city, created by international architect, Will Alsop are being implemented.

Manager of the Kirkgate Centre Catherine Riley said today: "We all see it as part of a series of positive moves for the centre.

"The staff have been informed and there are no job losses. It is business as usual and this is great news for the centre."

Today, chairman of the City Centre Steering Group Councillor Simon Cooke said: "It is very good news that an investor is prepared to pay many millions of pounds for a city centre shopping centre.

"It is obviously regarded as a very good investment at a time of major regeneration of the city."

He said the Council had been informed of the sale in its role as a tenant leasing floor space. The Mall Corporation owns 24 other shopping centres worth £2.78 billion, with nine million square feet of floor space, across Britain, and is aiming to own 30 within the next two years

It is part of investors Capital & Regional plc, which owns retail and leisure properties across the UK.

Contracts have been conditionally exchanged between Prudential and the Mall Corporation and the sale is expected to be finalised in the New Year.

The Kirkgate complex is one of four Prudential shopping centres acquired for £537 million.

In recent years Prudential has spent £5.5 million on car park improvements and a major refurbishment of the Bradford centre.

Shops and staff in the Kirkgate centre will be told of the change of ownership which is not expected to result in job losses.

The Kirkgate centre was the first shopping centre in Bradford to start seven-day-a-week trading and also the first to ban smoking.

The complex has always been regarded as one of Prudential's most successful shopping centres with high demand for units.

The only two units currently empty are in the hands of solicitors dealing with retailers waiting to move in.

The Kirkgate Centre has 65 stores on three levels including Littlewoods- soon to be replaced by Primark - New Look, WH Smith and River Island.

The Mall Corporation is a specialist shopping centre fund which invests heavily in community shopping centres.

The Mall's acquisitions from Prudential's portfolio include the Arndale Centre in Luton which has 130 stores and a 2,300 space car park.

The others are the Belfry centre in Redhill, Surrey, with 50 shops and the Pavilions shopping centre in Uxbridge with 90 shops and a 1,100 space car park.

A spokesman for The Mall Corporation said he could not give the purchase price of the individual centres and there would be no further announcements until January.

Chief Executive Ken Ford said: "We are delighted to have been selected by Prudential to work with them in this off-market transaction.

"This purchase continues the growth of The Mall business, further enhancing our relationships with our shoppers, retailers, investors and other business and media partners."

Chris Taylor director of Prudential portfolio management investment managers said: "From our perspective we are delighted at the timing of these sales which are a further significant step towards rebalancing the Prudential Life Fund's significant overweight position to the shopping centre factor.

"Through a number of our other funds we remain invested in The Mall Fund."