Meadowhall plans further growth

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Meadowhall joint owners British Land say they want to further develop the giant Sheffield shopping complex after joining forces with one of the world’s largest sovereign wealth funds.

Norges Bank Investment Management, the investment manager for the Norwegian Government’s pension fund, is believed to have paid London & Stamford Property and Green Park Investments more than £750 million for the 50 per cent of Meadowhall that British Land does not own.

Announcing Britsh Land’s half year results, chief executive Chris Grigg said: “We were particularly pleased to sign a new long-term joint venture agreement at Meadowhall, our large super-regional shopping centre, with Norges Bank Investment Management.

“Meadowhall has performed strongly in recent years, benefiting from a targeted programme to attract a broader range of shoppers to the centre, extend its catchment area and increase dwell time.

“We look forward to working with Norges to continue to grow and develop Meadowhall.”

British Land announced a 3.8 per cent rise in underlying pre-tax profits from £109 million to £137 million for the six months to the end of September, a result which Mr Grigg hailed as: “Another good set of numbers in a tough economic environment.”

“Our results underline the strength and resilience of British Land’s business,” added the British Land chief executive.