British Land has exchanged contracts to sell its 50% stake in Meadowhall Shopping Centre to its partner Norges Bank Investment Management for £360m.
The move is in line with British Land’s strategy to focus on retail parks and reduce exposure to covered shopping centres.
As part of the transaction, British Land will remain as asset manager of Meadowhall shopping centre.
The transaction is expected to complete in July 2024.
Simon Carter, Chief Executive of British Land, 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.
“We will continue to grow our retail park portfolio; with low capex requirements parks offer attractive cash returns and at 99% occupancy we are delivering strong rental growth.”
