Sovereign wealth fund Norges is in advanced talks to buy British Land’s 50% stake in Meadowhall shopping centre for about £363m, including debt, according to media reports.
Norges acquired its existing 50% stake in the Sheffield shopping centre in 2012 in a deal that valued Meadowhall at just over £1.5bn.
According to The Sunday Times, which first reported the story, the deal would value the centre at £725m. The newspaper reported that British Land intended to use the proceeds from the sale to invest in retail parks.
The developer put its 50% stake on the market last year and according to the paper although a deal between Norges and British Land is the most likely outcome, talks are continuing with other prospective buyers.
The 1.4m sq ft shopping centre opened in 1990 on the site of a former steelworks.
