It includes US fashion business Forever 21's first Scottish store as well as Vans, Paperchase and Gap outlets.
BBC: Image of 185-221 Buchanan Street
President Mike Edwards said selling Paperchase would strengthen the company's balance sheet and allow it to focus on "revitalising the brand".
BBC: Paperchase sale agreed by Borders
Paperchase operates 106 stores in the UK, including concessions in department stores.
Borders said it would use the proceeds from the sale to reduce debt levels and would continue to carry Paperchase products in its US stores.
Borders acquired a majority interest in Paperchase in 2004.
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