Land Securities has sold its one-third stake in Birmingham’s Bullring, the shopping centre in Britain’s second largest city, to Australia’s sovereign wealth fund for £210m.

The 40-acre Bullring was Europe’s largest city centre regeneration project and a model for retail-led city centre developments. It was expected to attract bids of more than £300m although Land Securities had put a valuation of £205m on its holding at the end of March.