UK's British Land to sell 50% stake in Meadowhall Shopping Centre for $457 mln

Landlord British Land Co Plc BLND said on Monday it has exchanged contracts for the sale of its 50% stake in Meadowhall Shopping Centre to its partner Norges Bank Investment Management for 360 million pounds ($457.3 million).

The divestment is in line with the company's strategy to focus on retail parks and reduce exposure to covered shopping centres, the Broadgate owner said in a statement.

($1 = 0.7872 pounds)