Norwegian sovereign fund buys 50% of Sheffield shopping centre

Norway’s sovereign wealth fund has bought a 50 per cent stake in the Meadowhall shopping centre in Sheffield for £348 million.

The fund bought the stake from a joint venture between London & Stamford Properties and Green Park Investments and said the deal values the entire asset at just over £1.5 billion including debt.

The centre, which attracts more than 24 million shoppers a year, will be managed by British Land, which has retained its 50 per cent stake and formed a new joint venture with Norges Bank Investment Management.