UK landlords British Land and Landsec are looking into an £800m asset swap in a bid to revive their respective share prices.
The two property giants are in talks to form a deal that would see the Meadowhall shopping centre in Sheffield change hands.
Under the proposal, Landsec would take British Land’s 50% stake in Meadowhall in return for 10 of its retail parks.
Meadowhall, which is jointly owned by British Land and Norwegian bank Norges, was valued at £778.7m in March 2021, while the retail parks have been valued at £405m.
British Land has also received planning permission to build a warehouse next to the centre.
Discussions for the deal began last summer as the two businesses sought to turn around their fortunes as the future of shopping centres and office spaces remained uncertain.
In December, Landsec paid £172m for an additional 25% share of the Bluewater shopping centre, while British Land has focused on acquiring retail parks after their value soared during the pandemic.
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