Government Pension Fund Global managed by Norges Bank Investment Management agreed to acquire an additional 50% stake in Meadowhall Centre Limited from British Land Company PLC (LSE:BLND) for £360 million on May 19, 2024. As part of the transaction, British Land will remain as asset manager of Meadowhall shopping centre, for which it will continue to earn fees in line with current terms. The transaction is expected to complete in July 2024 and the proceeds will be used for general corporate purposes including reinvestment into retail parks. This follows the sale of some ancillary land by the Joint Venture for £7m (British Land share) earlier this year.

Giles Elliott of Jones Day (London) is acting as legal advisor to British Land Company PLC in the transaction.