The two biggest property groups in the UK are reported by The Times to be selling £750 million worth of retail assets as they attempt to clear up some of their debts.
British Land is said to be selling a 50 per cent stake in Meadowhall, the Sheffield shopping centre, for about £550 million to a joint venture operation comprising Aim-listed London&Stamford and an Abu Dhabi fund.
Land Securities is thought to selling its one third stake in the Bullring shopping centre in Birmingham for £200 million. The buyer is reported by an Australian based fund.
The price of the assets are substantially less than what they would have achieved 18 months ago. London&Stamford is one of several new property funds that is now prowling around the market looking for bargains that it can pick up in the recession.
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