International law firm Addleshaw Goddard has advised British Land, one of the UK’s largest property companies, on the sale of its 50% stake in Meadowhall Shopping Centre on the outskirts of Sheffield.

The stake is being bought by its joint venture partner in the centre, Norges Bank Investment Management, for £360 million.

The Addleshaw Goddard team advising on all real estate aspects of the transaction was led by Head of Leeds office Lucy Sturrock, and included Jo Crouse, Sally Cowley, Megan Graveson and Lesley Reeves.

Meadowhall is a 200-acre estate including a 280-unit shopping centre, distribution centre, hotel and additional development land.

The sale by British Land was in line with its stated strategy to focus on retail parks and reduce exposure to covered shopping centres. As part of the transaction, British Land will remain as asset manager of Meadowhall shopping centre.