British Land agrees to new investment partner for Meadowhall
Clients British Land Company PLC, The
Jones Day advised long-standing client British Land on the formation of a 50:50 joint venture partnership for the freehold interest in its Meadowhall Shopping Centre near Sheffield. London and Stamford Property Limited and its joint venture partner will acquire a 50% stake in Meadowhall for £587.7 million ($878 million). The purchase price comprises a cash consideration of £170 million and values Meadowhall at £1.175 billion.
British Land will be appointed property managers to Meadowhall and will act jointly with London and Stamford as strategic advisers for the joint venture company, which will also own and administer certain nearby properties. The 74-acre surrounding development land, along with other ancillary sites, will remain wholly in British Land ownership, although the joint venture will have the option to acquire it at a later date at market value.
British Land is the U.K.'s second largest Real Estate Investment Trust with total assets, owned or under management, valued at £15.6 billion. In addition to M&A representation, Jones Day also advised on the employee benefits, environmental, financing, real estate, and tax aspects of the transaction.