British Land this morning revealed long-anticipated proposals to bring in external investors to its £1.7bn regional shopping centre, Meadowhall, in Sheffield.
Investors have the opportunity to acquire a stake in the centre, but British Land will remain the largest individual investor and will also act as fund and asset manager.
‘Meadowhall is the jewel among shopping centres, ranked by many as one of the UK’s top three,’ said British Land investment director Bob Bowden. ‘We have invested £90m since 2005, updating and extending the centre which will drive shopper demand. We expect to remain major investors, whilst the capital element realised will be recycled into our £4bn development pipeline.’
British Land signalled last year that it intended to seek one or more investment partners for Meadowhall - one of only six out-of-town super regional shopping centres in the UK - once it had converted to REIT status. British Land has now appointed agents Jones Lang LaSalle, Colliers CRE and Smith Young to market the investment.
Meadowhall opened in September 1990.Annual net rental income has grown from £48m to more than £75m.