British Land announces sale of 50 per cent stake in Meadowhall for £360m

British Land has sold its 50 per cent stake in the Meadowhall shopping centre to its partner Norges Bank Investment Management for £360m.

Transcript

00:00 Hello, my name is Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post.

00:06 I bring you some breaking business news about one of the biggest shopping centres in the

00:10 United Kingdom, which has played a major role in the regeneration of South Yorkshire's economy.

00:16 British Land has sold its 50% stake in the Meadowhall Shopping Centre to its partner

00:22 Norwich Bank Investment Management for £360 million.

00:28 As part of the deal, British Land will remain as asset manager of Meadowhall, for which

00:32 it will continue to earn fees in line with its current terms.

00:37 The transaction is expected to complete in July 2024 and British Land said the proceeds

00:43 will be used for general corporate purposes.

00:46 So a massive deal affecting a well-known shopping centre.

00:50 British Land has sold its 50% stake in the Meadowhall Shopping Centre to its partner

00:54 Norwich Bank Investment Management for £360 million.

01:00 My name is Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post.

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