Sell-off at Merry Hill

The owners of the centre at Brierley Hill have sold off half the huge complex to an Australian finance company.

The Westfield Group, which owns a total of seven shopping centres in Britain, said it had formed a joint venture with Queensland Investment Corporation (QIC) which involved selling a 50 per cent interest in Merry Hill and surrounding development land.

Westfield group managing director Steven Lowry said the deal continued the group's capital initiatives, raising equity capital for reinvestment in its global redevelopment programme.

"We are very pleased to have formed this joint venture with QIC in the UK. The group has enjoyed a long and successful relationship with QIC at Helensvale in Australia (a shopping area at Brisbane in Queensland) and we look forward to the international extension of this relationship."

Merry Hill is one of the largest shopping centres in the UK and is home to Debenhams and Marks & Spencer department stores, Asda and Sainsbury supermarkets, another 250 speciality shops and 8,000 car parking spaces.

Westfield bought the centre in December 2004 for £87m, and has since invested another £16m in the development.

Today's deal does not signal any more investment in the centre, although Westfield says it is always looking to improve the appeal of the complex.

Just weeks ago it was revealed that car parking charges are to be introduced at Merry Hill by next summer. The centre has boasted free parking since it opened in 1985, but bosses have now confirmed the introduction of a £10m "vehicle management system".

Prices will start at 50p for the first hour, rising to £1.50 for up to three hours, £2.50 for four and £3.50 for five.