CBRE hits bullseye for Australia’s future fund

In one of the largest retail investment transactions for 2009, CB Richard Ellis’ Retail Capital Markets team has advised Australia’s Future Fund, on the purchase of Land Securities’ 33% stake in Birmingham’s iconic Bullring Shopping Centre for circa £200 million.Future Fund was established by the Australian Government in 2006 to strengthen its long term financial position by investing assets to offset the Government’s public sector superannuation liabilities. 

Bruce Nutman, Head of Retail Capital Markets at CB Richard Ellis, said:  “This sale is a strong indicator of investor confidence in the prime shopping centre investment market in the UK.  The Bullring is a modern, world class retail destination and the purchase reflects a net return of circa 7%.”

Land Securities put its stake in the 1.2 million sq ft shopping centre up for sale in April 2008.  It developed The Mall in 2003 with its partners in the Birmingham Alliance, Hammerson and Henderson Global Investors.

When the Bullring opened it was the catalyst for Birmingham’s status as a world class retail capital – bringing modern, retail space into the City with department stores, over 140 shops, cafes and restaurants, 3,000 car parking spaces, open spaces, walkways and performance areas, and the iconic architecture of Future Systems with the Selfridges building.

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