British Land is preparing to sell up to three-quarters of Meadowhall, its £1.7bn shopping centre near Sheffield. Financial Times
The company has hired Colliers CRE, Jones Lang LaSalle and Smith Young to sell 50% to 75% of Britain's fourth-biggest shopping centre to a handful of investors buying a minimum of 10%, while retaining a majority stake and operational control.
Meadowhall has about £800m of debt, which was securitised last year. A 75% equity sale would raise £675m. With annual income of £75m, the asking price reflects an initial yield of 4.3% and an equivalent yield of 4.6%.