British Land Prepares For Sale Of Meadowhall

[The_DADDY 3,477]

Property giant British Land is preparing to sell Meadowhall in Sheffield, one of the country’s major shopping centres, for around £750 million.The sale of Meadowhall, 50/50 owned by British Land and Norwegian sovereign wealth fund Norges, would become one of the largest shopping centre deals of the past decade, reported The Times.

 

The report said property agents from CBRE have been appointed to handle the sale process, which will begin in the coming weeks. British Land has so far declined to comment.Opened in 1990 by Yorkshire-based property developers, it was sold to British Land for £1.2 billion in 1999.

 

Following tough times in both the run up to the pandemic and in the post-Covid period, malls have been enjoying something of a renaissance lately with strong store openings and expansions appearing alongside the introduction of consumer experiences to tempt customers back into physical retail.

 

Meadowhall, which counts Marks & Spencer and Primark as anchor tenants, is now 98% occupied.

 

However, a buyer would have to take on £450 million of debt secured against the centre. The cost of servicing the debt has meant Meadowhall’s owners have received no income from the centre for three years, the report claimed. Yet the centre’s income is understood to be close to surpassing the debt costs.

 

The move to sell Meadowhall will not come as a surprise as British Land has said one of the key priorities is in the retail parks segment. The sale would allow it to increase its UK portfolio.

 

“We see a value opportunity in retail parks, reflecting increased yields and a more stable occupational outlook. We have been further encouraged by how strongly footfall and sales have rebounded in recent weeks”, CEO Simon Carter has said.

[Irene Swaine 1,072]

I hope it doesn't go to Intu.

[Jim Hardie 533]

Eddie Healey must be looking down and laughing.

[HumbleNarrator 286]

£750 million doesn't sound a lot for Meadowhall.

[pintor 32]

Car parking fees to come🤔

[HeHasRisen 3,410]

1 minute ago, pintor said:

Car parking fees to come🤔

What on earth makes you think that? I dont think any out of town large shopping centre charges for parking, unless you can prove me wrong?

[pintor 32]

Do you just sit waiting to oppose any comments made

[HeHasRisen 3,410]

1 minute ago, pintor said:

Do you just sit waiting to oppose any comments made

It was a friendly question, why the hostility?

 

What makes you think they will start charging, have you heard something?

Edited September 20, 2023 by HeHasRisen

[pintor 32]

So was mine,with a question emoji,  why the hostility?

[HeHasRisen 3,410]

1 minute ago, pintor said:

So was mine,with a question emoji,  why the hostility?

Merely challenging your statement. And if it was a question you should have used a question mark, not everyone is familiar with emoji meanings.

 

No, I dont think they will start charging. Better?

Edited September 20, 2023 by HeHasRisen

[pintor 32]

That's fine, why didn't you just post that in the first place? 

[HeHasRisen 3,410]

1 minute ago, pintor said:

That's fine, why didn't you just post that in the first place? 

Because it wasnt clear if you were asking a question or not, as discussed above.