Norges Bank Investment Management has signed an agreement to acquire an additional 50 percent interest in the shopping and leisure centre Meadowhall, located in Sheffield, from its partner British Land.
With this acquisition, the fund will hold a 100 percent ownership interest in Meadowhall.
The agreement was signed on 18 May 2024, with completion expected on 12 July 2024.
Norges Bank Investment Management (1) will pay 360 million pounds for its additional 50 percent ownership interest, valuing the property at 720 million pounds. The property is encumbered by 426 million pounds of existing debt. No further financing will be involved in the transaction.
–We are very pleased to extend our ownership in Meadowhall, a dominant super regional shopping centre with strong occupier fundamentals, says Chief Investment Officer Real Assets Mie Holstad.
The seller of the property is British Land. British Land will remain as asset manager on the centre.
–Despite being out of favour, we remain confident in the prime shopping centre sector, where rents and yields have rebased significantly. We are pleased to have the ability to acquire an additional stake in Meadowhall, says Head of UK Real Estate Jayesh Patel.
The property comprises 1.4 million square feet of retail floor area.
Press contact:
Line Aaltvedt
Head of Communications
Tel: +47 948 54 656
Email: press@nbim.no
[1] Norges Bank Investment Management is the fund management division of Norges Bank. All unlisted (or direct) real assets investments are made and managed by subsidiary structures set up by Norges Bank.