Sheffield’s Meadowhall set for £750m sale
British Land and Norwegian sovereign fund Norges are preparing a sale of the Meadowhall shopping centre in Sheffield.
Agents from CBRE have been appointed to handle the sales process with British Land seeking around £750m for the scheme, The Times has reported.
Potential buyers would have to take on a debt of £450m which is secured against the centre, which had struggled in the run-up to and aftermath of the pandemic. The cost of this debt means that British Land and Norges had received no income from the scheme for three years.
However, The Times said that Meadowhall’s income is now close to surpassing the debt costs.
British Land purchased Meadowhall for £1.2bn in 1999. The scheme – which was constructed in 1990, is home to anchor tenants Marks & Spencer and Primark and is currently 98% occupied.
British Land has previously said its main focus is retail parks, having described them as the “winning format”.