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Land Securities has sold one-third of its share in the Birmingham Bull Ring to Australian investors the Future Fund, for a reported sum of £210m.

According to online reports, Land Securities had a 'passive' interest in the retail site, as their joint venture partners had control over the site.

The sale is expected to fund new investments in retail and office space.

Speaking to The Independent, Harry Stokes of Evolution Securities said:

"While the price seems reasonable and the sale was well-flagged, it is time for Land Securities to stop selling at the bottom of the market and start acquiring."

Published by Lou on Tuesday, 22 September 2009 at 9:19 AM