Queensberry Real Estate is seeking a joint venture partner for its £100m Friars Walk scheme in Newport.
The developer wants up to £45m of equity, and around the same level of debt, in exchange for a share of the development profit.
The 400,000 sq ft shopping centre won planning consent in March and work is due to start on site next year, for an opening in 2015. Debenhams has agreed to open a 93,000 sq ft anchor store at the 35-shop scheme.
CMSN Investors is advising Queensberry.