CSC itself now holds a 54 per cent stake in the mall, which it bought in 1995, with the remainder held by the scheme's original backer, the Church Commissioners. The sale by CSC now effectively means that a 36 per cent interest in the MetroCentre is now owned by GIC Real Estate. GIC RE is a global property investor with a a multi-billion dollar portfolio and over 150 investments in more than 30 countries, including a stake in Bluewater in Kent.

Sir Robert Finch, chairman of CSC's parent company Liberty International, said: "We are delighted to welcome GIC Real Estate as a strategic long term partner in one of our flagship assets. We are committed for the long term to the MetroCentre and to providing an attractive environment for our retailers and shoppers in this highly successful centre."

He said the proceeds of the sale would be reinvested in the company's £1bn development programme which is taking place nationwide, and includes projects in Oxford, Newcastle, Watford and Cardiff.

The MetroCentre, which originally opened in 1986, is the UK's top-ranked regional shopping centre and is Europe's largest covered retail and leisure centre. CSC has substantially extended and renovated the centre to provide over 330 shops and attractions anchored by Debenhams, House of Fraser and Marks & Spencer. As a result, the MetroCentre is drawing an estimated 24 million visitors every year. The centre's leisure attractions include an 11-screen cinema, the Megabowl Entertainment Centre and over 50 restaurants.

Liberty International has been advised by Morgan Stanley. GIC RE has been advised by Cushman and Wakefield.

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