- Increased fee income and lower costs
- Partner sought for City of London development
A day after British Land (BLND) announced that it sold its 50 per cent stake in the Meadowhall shopping centre in Sheffield, the property investment group delivered a mixed set of full-year figures. The £360mn sale to Norges Bank Investment Management looks anaemic when set against the original purchase price for the stake, yet it was struck at a 3 per cent premium to book value, an indication of how investor sentiment has soured towards some customer-facing segments of the commercial real estate market.