British Land has said it is looking for partner investors for its £1.7 bn (EUR 2.5 bn) Meadowhall shopping centre in Sheffield, central England. The company said in a statement it intends to remain the largest individual investor and will also act as fund and property asset manager. The Financial Times reported on Tuesday that the UK company is planning to sell up to 75% of the mall, distributing stakes to a handful of investors.
British Land has said it is looking for partner investors for its £1.7 bn (EUR 2.5 bn) Meadowhall shopping centre in Sheffield, central England. The company said in a statement it intends to remain the largest individual investor and will also act as fund and property asset manager. The Financial Times reported on Tuesday that the UK company is planning to sell up to 75% of the mall, distributing stakes to a handful of investors.
Bob Bowden, British Land Investment Director said: 'Meadowhall is the jewel among shopping centres, ranked by many as one of the UK’s top three. Its enduring appeal to retailers, based on an exceptional shopping catchment area, is unique. We expect to remain major investors, whilst the capital element realised will be recycled into our £4 bn development pipeline.'
British Land has appointed agents Jones Lang LaSalle, Colliers CRE and Smith Young to market the investment proposal. British Land's retail portfolio is valued at circa £10 bn with Meadowhall being the largest single retail asset. Opened in 1990, the shopping centre has 139,354 m2 of space comprising 274 retail units, including 10 anchor stores and 216 shop units, together with 30 catering units and an 11 screen cinema. The average of annual visitors come to 24 millions. Annual net rental income is in excess of £75 mln per annum.
