Norway’s SWF Buys 50% of Meadowhall Shopping Centre in the UK
Posted on 10/08/2012
According to the press release, “The Norwegian Government Pension Fund Global has bought 50 percent of the UK shopping centre Meadowhall for £348 million, or approximately 3.2 billion Norwegian kroner.
The stake was purchased from a joint venture between London & Stamford Properties and Green Park Investments. The transaction, completed on 6 October, values the entire asset at £1.525 billion pounds, including debt.
“The purchase gives us exposure to one of the largest and most dominant shopping centres in the UK,” says Karsten Kallevig, chief investment officer for real estate at Norges Bank Investment Management (NBIM), manager of the fund.
Meadowhall, located about 5 kilometres north east of Sheffield city centre, attracts about 25 million visitors a year. The shopping centre contains 141,000 square metres of lettable retail space over two levels. It consists of 219 shops, 53 kiosks, 30 catering units and a cinema with 11 screens.
NBIM has also entered into a joint venture with British Land, which holds the remaining 50 percent of Meadowhall. British Land will manage the shopping centre on behalf of the partnership.
“We are very pleased to be teaming up with a partner of British Land’s calibre and look forward to working together to further develop the long-term potential of Meadowhall,” says Kallevig.”
Read more: Norges Bank Press Release
Keywords: Norway Government Pension Fund Global.