British Land has sold its share of the Meadowhall shopping centre in Sheffield to its joint-venture partner in a deal that underscores the sharp decline in retail property values over the past decade.
Norway’s oil fund has paid £360 million for British Land’s 50 per cent stake, giving it full control of the 1.5 million sq ft mall, which has more than 300 shops, bars and restaurants and a cinema.
Including the £14 million sale of some nearby land this year, the sale values Meadowhall at £734 million. That is half what it was estimated to be worth when Norges Bank, which runs the country’s oil fund, bought its first 50 per cent stake back in 2012.
Meadowhall welcomes about 24 million visitors each year
ALAMY
It is the latest evidence of the pummelling