Land Securities sells stake in Bullring to Australian fund

Land Securities sells stake in Bullring to Australian fund



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Real estate group Land Securities has sold its share in Birmingham's Bullring shopping complex to an Australian company for £210 million. 

According to the company, the Australian government's investment vehicle Future Fund made the acquisition.
 
The money raised through the deal will be invested in future business opportunities, the organisation explained.
 
CB Richard Ellis acted on behalf of Future Fund while Cushman & Wakefield represented for Land Securities.
 
Richard Ackers, managing director for Land Securities Retail, 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."
 
Land Securities made up one third of the Birmingham Alliance, which, along with Henderson Global Investors and Hammerson worked on the transformation of an 11-hectare site at the shopping complex.
 
The Bullring, which is 1.2 million square feet in size, opened in Birmingham during 2003.

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