Land Securities has finally sold its one-third stake in Birmingham’s Bullring shopping centre to an Australian sovereign wealth fund for £210m. The stake has been on the market for more than a year.
Land Securities first proposed the sale of its stake in the 1.2m sq ft shopping centre in April last year, hoping to achieve more than £300m, but the sharp slump in the property market deterred potential buyers.
A recent recovery in the sector helped conclude the deal, and the final price even reflects an increase of £5m on the March valuation, providing further evidence of an improvement in values for good property assets. It comes days after the £1bn cash-and-debt sale of half of British Land’s Broadgate estate in London.
Financial Times, The Times