British Land is to sell off a major slice of its 1.5 million-sq ft Meadowhall shopping centre in Sheffield. It is inviting a number of investors to take a stake in the scheme, but it intends to remain as the largest single investor and will retain the management of the asset.
This is only the latest of a series of major asset sales since the creation of REITs at the beginning of this year. Companies that had been unable to sell off properties because a sale would have crystallized a capital gains tax liability are now free to sell.
At the end of December 2006 Meadowhall was valued at £1.623bn. British Land investment director Bob Bowden said: "Meadowhall is the jewel among shopping centres, ranked by many as one of the UK's top three. We expect to remain major investors, whilst the capital element realised will be recycled into our £4bn development pipeline."
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