Norway’s sovereign wealth fund to take control of Meadowhall

The world’s largest sovereign wealth fund is set to take full control of Meadowhall in a bet that the UK’s best shopping centres are poised for a recovery.

Norges, Norway’s £1.3 trillion sovereign wealth fund, is in advanced talks to buy out British Land’s 50 per cent share of Meadowhall for about £363 million, including debt.

The deal would value the vast Sheffield shopping centre — owned 50/50 by British Land and Norges since 2012 — at £725 million, equating to a yield of between 7 and 8 per cent.

Talks between Norges and British Land mark the likely culmination of a sale process for the entire centre that kicked off last September. Sources close to the negotiations said that while a deal between Norges