Land Securities sells Bullring stake

21st Sep 2009 07:02

Land Securities has sold its one third ownership of the Bullring shopping centre in Birmingham to the Future Fund, an investment fund set up by the Australian Government, for £210m.The price tag reflects a 6.85% net yield, the group said.The 1.2 million sq ft (110,000 sq m) shopping centre in Birmingham's city centre is anchored by two department stores and accommodates some 160 retailers and catering operators, providing a total annual rental income of £45m. '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,' said Richard Akers, Managing Director for Land Securities Retail.'The funds generated by the sale will increase the group's flexibility to exploit future opportunities.'