One of the Birmingham Alliance developers has sold its one-third stake in the Birmingham Bullring retail complex to an Australian fund.
Land Securities made the £210 million sale to the Future Fund, an investment fund for the Australian government. It said not having a controlling stake in the Bullring commercial property was unusual company practice.
The Bullring retail sector complex opened in 2003 with 160 retailers and food outlets, as well as anchor stores Selfridges and Debenhams.
Its creation was part of Europe’s largest project to regenerate city centres, and started 10 years ago when Land Securities joined Hammerson and Henderson Global Investors to create the Birmingham Alliance.
Richard Akers, Land Securities’ managing director for retail, added: “The Bullring was instrumental in transforming the Birmingham retail offer and has performed well for us.
“However, the absence of operational control over the Bullring made it an unusual asset within Land Securities’ portfolio where we look to create value through successful development and active management of properties.”
