Wednesday, April 25, 2023
British Land unveil Meadowhall Shopping Centre investment proposal
British Land has unveiled investment partner proposals for its regional shopping centre, Meadowhall, in Sheffield.
Investors have the opportunity to acquire a stake in the Centre while British Land expects to remain the largest individual investor. It will also act as Fund and Property Asset Manager.
Bob Bowden, British Land Investment Director said: "Meadowhall is the jewel among shopping centres, ranked by many as one of the UK's top three. Its enduring appeal to retailers, based on an exceptional shopping catchment area, is unique. We have invested £90m since 2005, updating and extending the Centre which will further drive shopper demand. We expect to remain major investors, whilst the capital element realised will be recycled into our £4bn development pipeline."
British Land signalled last year that it intended to seek one or more investment partners for Meadowhall - one of only six out-of-town super regional shopping centres in the UK - once it had converted to REIT status. British Land has now appointed agents Jones Lang LaSalle, Colliers CRE and Smith Young to market the investment proposal.
British Land's retail portfolio is valued at circa £10bn with Meadowhall being the largest single retail asset. The shopping centre first opened in September 1990. The Centre, together with certain adjoining assets, is valued at just under £1.7bn. Annual net rental income is in excess of £75m per annum. ERV is in the order of £82m per annum. Rents have grown from circa £48m when the Centre was acquired in 1999.
Investors have the opportunity to acquire a stake in the Centre while British Land expects to remain the largest individual investor. It will also act as Fund and Property Asset Manager.
Bob Bowden, British Land Investment Director said: "Meadowhall is the jewel among shopping centres, ranked by many as one of the UK's top three. Its enduring appeal to retailers, based on an exceptional shopping catchment area, is unique. We have invested £90m since 2005, updating and extending the Centre which will further drive shopper demand. We expect to remain major investors, whilst the capital element realised will be recycled into our £4bn development pipeline."
British Land signalled last year that it intended to seek one or more investment partners for Meadowhall - one of only six out-of-town super regional shopping centres in the UK - once it had converted to REIT status. British Land has now appointed agents Jones Lang LaSalle, Colliers CRE and Smith Young to market the investment proposal.
British Land's retail portfolio is valued at circa £10bn with Meadowhall being the largest single retail asset. The shopping centre first opened in September 1990. The Centre, together with certain adjoining assets, is valued at just under £1.7bn. Annual net rental income is in excess of £75m per annum. ERV is in the order of £82m per annum. Rents have grown from circa £48m when the Centre was acquired in 1999.
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