British Land has halted the attempt to sell its 75% stake in Meadowhall Shopping Centre in Sheffield due to the uncertainty in the financial markets. Meadowhall is one of only six super regional shopping malls in the UK.

British Land has halted the attempt to sell its 75% stake in Meadowhall Shopping Centre in Sheffield due to the uncertainty in the financial markets. Meadowhall is one of only six super regional shopping malls in the UK.

In a statement released after the stock markets closed on Thursday, British Land, the second largest real estate investment trust or REIT in the UK, said a range of investors had expressed an interest in the sale but current conditions meant it was unlikely prospective buyers would pay the 'appropriate value'.

'This decision is underpinned by positive trading at Meadowhall, the number of development and asset management opportunities underway and the successful openings of Primark,' the company said. British Land also put a positive spin on the recent flooding of part of the centre by emphasising the 'range of refitted stores'.

Footfall at Meadowhall last month was well up on 2006 and for the year to date is outperforming national retail footfall data. British Land said £838 mln of securitised financing had enhanced Meadowhall's prospective returns.

Stephen Hester, CEO of British Land, commented; 'While we would have liked to find investment partners for Meadowhall, the Centre's prospects together with the success of our extensive disposal programme elsewhere, make the decision to hold a relatively painless one.' Since March 2005, British Land has sold £5.8 bn of property, taking its gearing down to 41% (Loan-to-value) as of June this year - the lowest level since 1995.