British Land has exchanged contracts for the sale of its 50 percent stake in Meadowhall Shopping Centre to its partner Norges Bank Investment Management for £360 million (€421 million/$478 million). This follows the sale of some ancillary land by the joint venture for £7 million (€8 million/$9 million, British Land share) earlier this year. Together these deals value the entirety of the Meadowhall Estate at £734 million (€858 million/$933 million), 3 percent above September 2023 book value.
The transaction is expected to complete in July 2024, and the proceeds will be used for general corporate purposes including reinvestment into retail parks.
“Following the sale of Meadowhall, 93 percent of our portfolio is now in our preferred segments of retail parks, campuses and London urban logistics,” said Simon Carter, chief executive of British Land. “We will continue to grow our retail park portfolio; with low capex requirements, parks offer attractive cash re
