Land Securities yesterday confirmed it has sold its 33 per cent stake in the Bullring shopping mall in Birmingham, to Australia’s Future Fund for £210m in one of the biggest UK property deals of the year.<br /><br />The deal comes three weeks after mounting speculation that the property company was in advanced talks to sell its one-third interest in the centre to the Australian sovereign wealth investor. <br /><br />The price achieved reflects a net yield of 6.85 per cent.“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 managing director of Land Securities Retail Richard Akers. <br /><br />The Bullring had performed well for the group, Akers also said, adding the sale proceeds would increase the group’s flexibility to exploit future acquisition opportunities.<br /><br />The 1.2m square foot shopping centre opened in Autumn 2003 and is home to around 160 shops and restaurants, providing a total annual rental income of £45m. <br /><br />The Future Fund was established by the Australian government in 2006 to accumulate financial assets to address its unfunded superannuation liabilities. It had A$61bn (£32.5bn) of assets at end-June.<br /><br />The remaining two stakes in the Bullring are owned by rival Hammerson and asset manager Henderson Global Investors.