Birmingham's new is going on the market a full six months before it opens to the public.
Birmingham City Council leader Sir Albert Bore announced the sale at the international in Cannes.
The state-of-the-art shopping centre, above the revamped , includes the flagship John Lewis department store and 68 shops and restaurants - with 44 already let and the remainder nearing completion or final negotiation.
The city council bought the old Pallasades Shopping Centre in 2008 under a compulsory purchase order to smooth the way for the £600m New Street Station Gateway development.
Grand Central will be the second major council asset sold this year after sale of the NEC Group to LDC in a £307m deal announced in January.
Labour council Leader Sir Albert Bore said that the City Council always intended selling the shopping centre once it was completed.
He said: “The Grand Central development has made excellent progress and I am delighted that it is on course to open to shoppers in September, along with the redeveloped New Street Station. I am also pleased that the majority of units at Grand Central have already been filled, with a strong likelihood that the centre will be fully let when it opens.
“It was always our intention to sell Grand Central once completed, so the time has now come for us to set the ball rolling to find the right buyer for this premium shopping destination, which will be a great asset for whoever acquires it.
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“This is an incredibly exciting year for Birmingham, with Grand Central just one of a number of redevelopment projects coming to fruition, which in turn will create more job opportunities and attract greater investment to our city.”
As with the money raised from the NEC sale, proceeds are likely to be ploughed into paying down the City Council’s massive debts, built up due to equal pay claims, the construction of the Library of Birmingham and investment in the housing stock.