British Land has sold its holding in Meadowhall shopping centre after 25 years as the group shifts its focus to retail parks.
The property giant sold its 50% stake in the Sheffield-based centre to its joint venture partner Norges Bank Investment Management for £360m.
The sale to the bank, alongside its £7m sale of some land by the joint venture earlier in the year, values the shopping centre’s estate at £734m.
British Land said the transaction is due to complete in July and that it would remain as asset manager to Meadowhall after it was finalised.
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
The property group purchased the Sheffield shopping centre for £1.07bn in 1999, before later selling half of its holding to form a joint venture with Norges.
British Land CEO 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.”
In January, Frasers Group was “one of a handful of parties” to have registered an interest in Meadowhall, after British Land and Norges Bank put the shopping centre up for sale last year.
Meadowhall is the fifth largest mall in the UK, with approximately 24m people visiting it each year.
Click here to sign up to Retail Gazette‘s free daily email newsletter
