An investment banking firm has bought Royal Hawaiian Center from Kamehameha Schools in a deal that involves the single-biggest asset of the local trust but not the land underneath the Waikiki mall.

Kamehameha Schools announced Friday that J.P. Morgan Asset Management bought Waikiki’s biggest shopping center for an undisclosed price.

The sale includes the mall buildings but not the underlying land.

Kamehameha Schools retained broker Eastdil Secured to find a buyer for the center in October. The trust said its decision to sell the mall was largely driven by a desire to diversify and reduce risk in its roughly $9 billion investment portfolio.

Investments help fund the trust’s core mission to educate Native Hawaiian children where annual spending amounts to $300 million to $350 million.

Proceeds from the mall’s sale will be reinvested and used to support normal Kamehameha Schools operations that besides education include conservation land stewardship and major real estate development projects in Haleiwa and Kakaako.