British Land has sold its 50 per cent stake in Meadowhall Shopping Centre to its partner, the Norwegian sovereign wealth fund, for £360m. The transaction has valued the entirety of the Sheffield shopping centre at £734m, three per cent above its September 2023 book value.

"The impact of the transaction on full-year net tangible asset value per share is expected to be negligible, and the full-year earnings per share dilution is estimated to be 0.6p prior to reinvestment," the firm said. After taking into account net debt of around £200m, British Land said it expected to bank around £156m from the sale.

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