The property developer British Land has sold its 50% stake in the Meadowhall shopping centre in Sheffield to Norway’s sovereign wealth fund in a £360m deal, ending its holding in the site after 25 years. Norges Bank Investment Management will take full control of the shopping centre, the largest in Yorkshire. It already owned 50%, having first invested in 2012. Meadowhall opened in 1990 on the site of the former East Hecla steelworks, serving as a symbol of the UK’s shift from heavy industry to a services-based economy. Related: UK interest rate cut this summer ‘possible’ says Bank of England deputy governor – business live At the time of opening it was the second largest shopping centre in the UK, according to a council history, and was built at a time when demand for shopping destinations appeared insatiable. Visitor numbers grew from 20 million in its first year to 30 million by 2019, before the coronavirus pandemic. However, shopping centres have come under pressure in recent years as sales have migrated online. The deal values Meadowhall at £734m, well below the £1.07bn the FTSE 250-listed British Land paid in 1999 to buy the centre from the original developers, Eddie Healey...