Norwegian SWF buys half of UK’s Meadowhall centre
Norway’s Pension Fund Global – funded by income from the country’s oil and gas sector – has acquired 50% of the Meadowhall retail centre near the UK town of Sheffield, for £348m, or about NOK3.2bn.
The holding was acquired from London & Stamford Properties, and Green Park Investments. The transaction was completed on 6 October, and values the retail centre at more than £1.5bn.
Karsten Kallevig, director of property investments at Norges Bank Investment Management (NBIM), which managed the fund, said: “The acquisition gives us exposure to one of the biggest and most visited shopping centres in the UK.”
Meadowhall is situated about 5km from the centre of Sheffield, a town in the north of England, which counts some 25 million visitors annually to the 141,000sqm of retail space.
NBIM’s share is matched by UK listed property company British Land, which will be responsible for the operation of the centre.