Solihull's Mell Square shopping centre has been put up for sale.
Leaseholders Aviva Investors and owners Solihull Council had refused to confirm whether they were selling Mell Square, a central part of the borough’s shopping centre since the sixties.
But commercial property advisers CBRE have revealed they have been appointed for the sale.
Stewart Colderick, CBRE shopping centre investment executive director, said: “We can’t deny that we’re selling it.
"We intended to do it in a targeted and private basis. The people looking at it are under a non-disclosure agreement. It is confidential.”
It is believed that the company is looking around £50 million. A spokesman for Aviva Investors refused to comment.
A Solihull Council spokesman added: “Any decision to sell the asset would be theirs (Aviva’s) and the council is not in a position to comment on it being sold or bought.”