The Birmingham Alliance is on the verge of selling the 176,000 sq ft Martineau Place shopping centre for ÃÂ£100m, in the first disposal from its ÃÂ£800m development project in the city centre.
It is expected that DB Real Estate will be the buyer for the shopping centre, which opened in 2001 and comprises 29 shops and 11 floors of offices.
The Birmingham Alliance comprises Hammerson, Land Securities and Henderson Global Investors, all of which have been holding talks in recent weeks about its future ownership structure. The options being considered include selling developments, bringing in additional partners in a larger limited partnership, or selling down existing stakes.
Knight Frank is believed to be advising Deustche. DTZ is advising the Birmingham Alliance.