Page last updated at 15:38 GMT, Wednesday, 11 February 2009

Meadowhall stake sold for 588m

Property group British Land has sold a 50% stake in its Meadowhall shopping centre in Sheffield for 587.7m.

The stake has been bought by a joint venture comprising London & Stamford Property and the Gulf-based investors Cavendish.

The sale valued the shopping centre at 1.175bn, 16% lower than stated in the company's interim results in November.

The valuation is just above the 1.07bn paid by British Land when it bought Meadowhall in 1999.

London & Stamford will take a 16% stake in the centre, with Cavendish taking 34%.

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