Property Sales

The two biggest property groups in the UK are reported by The Times to be selling ??Â?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 ??Â?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 ??Â?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.