The Leading News & Information Service For The Facilities, Workplace & Built Environment Community

British Land Sells Stake in Meadowhall Shopping Centre

British Land Sells Stake in Meadowhall Shopping Centre
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

Share



Related Articles

British Land Secures Planning for Southwark Logistics Hub

British Land has received a resolution to grant planning permission for a logistics hub in Southwark, the latest scheme in their London urban logistics...

 Read Full Article
British Land Plans New Logistics Hub in Enfield

British Land has received resolution to grant planning permission for a 455,000 sq ft multi-level logistics hub near Junction 25 of the M25. Intended to cater for the...

 Read Full Article
NFU Mutual Sells Eight Prime UK Logistics Assets to Barings

Barings, a subsidiary of MassMutual, is to acquire a portfolio of logistics properties from NFU Mutual in a deal worth £234 million. The eight assets are all...

 Read Full Article
Amazon Looks to Offload 10m Square Feet of Warehouse Space, Reports Suggest

Amazon is looking to sublet or terminate leases of excess warehouse space due to a drop in online shopping, says Bloomberg. According to the news report by Bloomberg,...

 Read Full Article
BAM FM Wins Hard FM Contract With Made.com

BAM FM has been awarded a three-year hard facilities management contract with online home and lifestyle retailer Made.com. The contract will encompass both mechanical...

 Read Full Article
Industrial and Logistics Property in High Demand

The number of logistics and industrial property leasing deals was 70 per cent higher than usual in Q1 of this year. New data from Cushman & Wakefield suggests that...

 Read Full Article
British Land to use SAAS Solution Throughout Retail Portfolio

PlanRadar has announced a new partnership with British Land, one of the UK’s largest property development and investment companies. From May 2021,...

 Read Full Article
British Land's Chief Executive Grigg To Step Down

British Land has announced that long-serving Chief Executive, Chris Grigg is to step down, less than a year after, the UK's number two by volume property company,...

 Read Full Article
Liverpool Shopping Centre Installs ‘Digital Human’ as Part of Guest Services Team

“Liv”, an AI-enabled “digital human”, is now part of Liverpool ONE shopping centre’s front-of-house customer service offering. As part of...

 Read Full Article
High Performing Buildings – May's Roundup

This month's high performing building roundup includes a new Nike logistics campus in Corby, specialised laboratory space in Manchester, and the Best Refurbished...

 Read Full Article