03 June 2024
British Land has opted to sell its 50 per cent share in Meadowhall Shopping Centre to its partner Norges Bank Investment Management for £360 million.
British Land will remain as asset manager of the 200-acre site on the outskirts of Sheffield.
The sale emphasises British Land’s shifting focus from covered shopping centres to retail parks, campuses and logistics. The company’s full-year results for 2024 revealed that 93 per cent of British Land’s portfolio is now within these preferred sectors.
The move suggests a growing demand in the e-commerce space and for online fulfilment centres. However, CBRE’s latest real estate market outlook suggests that although e-commerce growth is expected in 2024, it will broadly follow pre-pandemic trends, with “little to no sustained acceleration of the growth rate as a result of the pandemic.”
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.
“We will continue to grow our retail park portfolio; with low CapEx requirements parks offer attractive cash returns and at 99 per cent occupancy, we are delivering strong rental growth.”
The transaction is expected to be completed in July 2024.
Picture: a photograph taken from the exterior of Meadowhall Shopping Centre, showing the glass front and main signage for the building. Image Credit: British Land
Article written by Ella Tansley | Published 03 June 2024
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