British Land sells Meadowhall shopping centre stake for £360m

The Sheffield site is one of the largest regional shopping centre's in the UK Credit: PA

The owner of Meadowhall shopping centre has sold its stake for £360 million.

The sale brings British Land's 25-year ownership to an end, which first bought the Sheffield site in 1999.

The group announced it has sold its 50% share to its partner Norges Bank Investment Management, a Norwegian Government wealth fund.

The property company said the deal is in line with its aim to shift away from covered shopping centres in favour of investing in retail parks.

British Land has owned the shopping centre since 1999, when it paid £1.07 billion for the retail destination, later selling half of its holding to form a joint venture.

The sale is set to complete in July and British Land will remain as asset manager to the shopping centre following the sale, it added.

The sale to Norges, together with the £7 million sale of some land by the joint venture earlier this year, valued the Meadowhall estate at £734 million.

Chief executive Simon Carter said: "We have had a successful partnership with Norges over many years and are delighted to continue to work alongside them as asset managers of the centre.

"Following the sale of Meadowhall, 93% of our portfolio is now in our preferred segments of retail parks, campuses and London urban logistics."

The Meadowhall site is located on the outskirts of Sheffield and is home to shops including Marks & Spencer, Primark and Next, as well as a distribution centre, Premier Inn hotel and two plots of development land.

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