A pension fund has taken control of the Trafford Centre after administrators received "no viable bids" for it.
Canada Pension Plan Investment Board (CPPIB), a key lender to IP, has taken ownership as the principal creditor.
CPPIB's Geoff Souter said despite "challenging" retail conditons, the centre still had "strong prospects".
The Canadian fund had provided IP with a £250m lending facility for its Trafford Centre subsidiary prior to its insolvency during the first coronavirus lockdown.
A spokesman said after "no viable bids" were received for the Greater Manchester centre, CPPIB had exercised its rights to take ownership.
Mr Souter, managing director at CPPIB Credit, said the complex remained "one of the UK's top five shopping centres".
"While conditions for retail in 2020 have been very challenging, we are able to take a long term view and believe that, with strategic management and investment, the Trafford Centre has strong prospects," he said.
The pension fund is a significant investor in UK shopping centres and has previously invested in London's Westfield Stratford and Birmingham's Bullring.