Sheffield’s Meadowhall Shopping Centre is in the process of being sold, according to a report claiming the owners are gearing up for a blockbuster sale.
Property agents have been appointed to handle the sale which could become one of the largest shopping centre deals of the past decade, reports The Times. The shopping centre is currently owned by British Land and Norwegian sovereign wealth fund Norges.
The sales process, handled by agents from CBRE, is reportedly due to begin in the coming weeks. British Land, who is rumoured to be selling, has so far declined to speak to The Times.
A potential buyer would reportedly have to take on a £450 million of debt secured against the centre. Current owners have been unable to receive an income from the centre for three years due to servicing costs, according to the national newspaper. However, the income of the centre is understood to be near to surpassing the costs of the debt.
Yorkshire-based property developers first opened the indoor shopping centre in 1990 and then sold it to British Land for £1.2 billion in 1999.