THE long-awaited £100 million sale of Blackburn's shopping centre has been completed.

And the new owners have promised improvements will be on the way.

London-based Reit Asset Management finally waded through a 'marathon of paperwork' to finalise one of the UK's biggest commercial property deals of the year yesterday.

Partner Kevin McGrath, however, warned there would be no overnight changes to the centre following its purchase from Standard Life Properties.

"We are now the proud owners of Blackburn Shopping Centre and we are very excited about it," he said. "It is our firm intention to go forward and improve the shopping centre experience.

"But it is just like buying a house - it takes time to make all the improvements you want and people should not expect changes overnight."

Mr McGrath said Reit Asset Management wanted to work closely with Blackburn with Darwen Borough Council - which owns 16 per cent of the centre - on further developing the complex.

"We will be a different type of owner than Standard Life," he said. "Hopefully, that will reflect in a better town centre for Blackburn and we want to establish a good working relationship with the council. We share the same objectives and we look forward to working closely with them."

Reit has bought the centre for a total of £100, 860,000 on behalf of wealthy private investors. Contracts for the acquisition were exchanged in June.