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Landlord and developer Land Securities today sold its stake in the Bullring shopping centre in Birmingham for £210 million.
The price for the 33% share in the 1.2 million square foot site was £5 million higher than the £205 million it was valued at in March this year, but well off the £325 million it was worth in March 2007.
It was bought by the Future Fund, an investment fund set up by the Australian government in 2006.
Land Securities said the money raised will be used to buy properties whose value has plunged in the recession.
Richard Akers, managing director for retail at Land Securities, said: “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.
“The funds generated by the sale will increase the group's flexibility to exploit future opportunities.”
Rival British Land sold its 50% stake in the Meadowhall shopping centre in Sheffield for nearly £590 million.
