British Land has sold its stake in Sheffield’s Meadowhall shopping centre for £360m, bringing an end to its ownership after 25 years.

The group said the sale of its 50% holding was part of a shift away from covered shopping centres in favour of investing in retail parks.

British Land has owned the shopping centre since 1999 when it paid £1.07bn.

The company has sold its 50% stake to joint venture partner Norges Bank Investment Management.

Along with land that was sold by the joint venture for £7m earlier this year, the sale to Norges means the Meadowhall estate was valued at £734m.

The sale was set to complete in July, British Land said, but the group would remain asset manager to the shopping centre afterwards.British Land chief executive Simon Carter said: “We have had a successful partnership with Norges over many years and are delighted to continue to work alongside them as asset managers of the centre.”Following the sale of Meadowhall, 93% of our portfolio is now in our preferred segments of retail parks, campuses and London urban logistics.”