Banbridge Outlet has been put up for sale amid hopes that a new owner will secure the future of the shopping destination.
Along with Junction One in Antrim, The Outlet has been put on the market for a combined price of between £58m and £62m, according to property consultants CBRE.
The Outlet opened in 2007 at a cost of £70m but has struggled to fill its units and was effectively taken over by the Ulster Bank in 2011.
It is now owned by an Ulster Bank company called West Register (Northern Ireland) Property.
Upper Bann MP David Simpson said he hoped the sale of The Outlet would secure its long term future.
“I understand that negotiations are ongoing,” said Mr Simpson.
“To have The Outlet brought into private ownership would certainly help sustain its future and of course hundreds of jobs.
“It is important that there is a working relationship between the new owners and Banbridge Chamber of Commerce to enhance the prospects for both The Outlet and the Town Centre traders.”