Meadowhall stake not sold

It blamed "uncertainty in financial markets," which it said had "made the prospect of realising an appropriate value unlikely at the present time."

Property experts had predicted that British Land would have to accept a 200 million cut in the price it might have expected for its stake in the 1.64bn shopping centre because of a lack of interest among potential buyers, fuelled by uncertainty in the property market and flooding.

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British Land says a range of investors were interested in Meadowhall.

Chief executive Brian Hester said "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."

British Land says its decision is "underpinned by positive trading at Meadowhall, the number of development and asset management opportunities underway and the successful openings of Primark and a range of refitted stores ."

The number of shoppers visiting in September was well up on 2006 and the centre is out performing national visitor figures. Meadowhall opened in 1990, has a 97.6pc occupancy rate and generates rents totalling 75m a year, up from 48n in 1999.