British Land sells Meadowhall shopping centre stake for £360million

20 May 2024 , 08:07

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The Meadowhall shopping centre (Image: No credit)

British Land has sold its stake in Sheffield's Meadowhall shopping centre, for £360 million after a 25-year stint of ownership.

The property giant handed over its 50% share to its joint venture partner, Norges Bank Investment Management, aligning with its strategy to pivot from traditional shopping centres to investing more 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.

This recent transaction with Norges, coupled with an earlier sale of some land for £7million this year, puts the total value of the Meadowhall estate at £734million. The deal is all set to be sealed come July, with British Land remaining as the asset manager.

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."

Nestled on the outskirts of Sheffield, Meadowhall is a bustling hub featuring big names like Marks & Spencer, Primark, and Next, as well as a distribution centre, a Premier Inn hotel, and two plots ripe for development.

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