Norwegian wealth fund eyes Meadowhall acquisition
The world’s largest wealth fund is looking to buy out British Land’s 50% stake in Sheffield’s Meadowhall, in a deal valuing the scheme at £725m.
Norwegian fund Norges – which is worth approximately £1.3 trillion – is in the latter stages of negotiations with British Land, The Sunday Times has reported.
The two organisations have been co-owners of the shopping centre since 2012, when the wealth fund acquired 50% of the asset in a deal valuing the scheme at over £1.5bn.
The new valuation of £725m represents a drop of £475m.
The Times first reported in September that the asset was up for sale, with agents from CBRE appointed to handle the process.
It was then reported in January that Mike Ashley’s Frasers Group was a frontrunner amongst a number of interested parties to purchase the scheme.