275: British Land seeks Meadowhall investment partners

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LONDON, April 24 (Reuters) - Property firm British Land (BLND.L: Quote, Profile , Research) said it was looking for investment partners for its 1.7 billion pounds ($3.4 billion) Meadowhall regional shopping centre in Sheffield as part of the firm's portfolio reshuffle.

The company, which signalled last year that it intended to seek one or more investment partners for Meadowhall once it had converted into real estate investment trust (REIT), said on Tuesday sales proceeds would be recycled into its 4 billion-pound development pipeline.

The group plans to remain the largest individual investor and act as fund and property asset manager for the 1.5 million square feet centre, which houses 270 retail units including House of Fraser, Debenhams, Marks & Spencer and Next.

It appointed agents Jones Lang LaSalle, Colliers CRE and Smith Young to market investment proposals for the group's largest single retail asset.

The asset generates annual net rental income in excess of 70 million pounds, growing from around 48 million pounds when the asset was acquired in 1999.

Shares in British Land, Britain's second-largest property firm, were up 0.5 percent to 1,483 pence by 1050 GMT.

Source:

Reuters.co.uk