The cash will be used by Lend Lease to pay down debt and fund its major schemes at Elephant & Castle and Stratford City in London.

Dan Labbad, Lend Lease’s Group Chief Operating Officer and Chief Executive Officer in EMEA, said: “Bluewater is a world-class retail destination and one that we are proud to have developed and managed.

“The cash proceeds of the sale will initially be used to pay down debt and subsequently invested in our significant global development pipeline, including our large urban regeneration projects in London at Elephant & Castle and The International Quarter.”

Lend Lease also confirmed that it is selling other projects in the UK that are performing “below current targets”.

The firm is planning to divest its portfolio of Crosby apartments and exit from a PFI waste management contract in Lancashire.

Lend Lease has made provisions of £79m in relation to the two proposed disposals.

The Bluewater deal sees Land Securities take on a 30% share of the shopping centre.

The developer is now planning remodeling work at the site.

Scott Parsons, Managing Director, Retail Portfolio at Land Securities, said: “We see opportunity to improve returns at Bluewater by reducing the void rate of 5.3% in line with our retail portfolio average of 2.6%, combining units to provide fewer, bigger units which are more attractive to retailers, and improving the leisure and catering offer.”