Land Securities is to test the fragile property investment market with the sale of one of its largest holdings - its stake in the Bullring shopping centre in Birmingham.

The sale of one-third of the 1.2m sq ft landmark shopping centre in Britain’s second city is expected to attract bids of more than £300m.

The 40-acre Bullring was Europe’s largest city centre regeneration project and a model for retail-led city centre developments.

Land Securities owns the shopping centre as part of the Birmingham Alliance, which developed the mall in 2003. The other two investors in the centre are Hammerson and Henderson Global Investors.

A spokeswoman for Land Securities said: ‘As part of our regular review of the assets in our portfolio, we are considering a sale of our 33% stake in Bullring shopping centre.’