The stake was purchased from a joint venture between London & Stamford Properties and Green Park Investments. The transaction, completed on 6 October, values the entire asset at £1.525 billion pounds, including debt.

"The purchase gives us exposure to one of the largest and most dominant shopping centres in the UK," says Karsten Kallevig, chief investment officer for real estate at Norges Bank Investment Management (NBIM), manager of the fund.

Meadowhall, located about 5 kilometres north east of Sheffield city centre, attracts about 25 million visitors a year. The shopping centre contains 141,000 square metres of lettable retail space over two levels. It consists of 219 shops, 53 kiosks, 30 catering units and a cinema with 11 screens.

NBIM has also entered into a joint venture with British Land, which holds the remaining 50 percent of Meadowhall. British Land will manage the shopping centre on behalf of the partnership.

"We are very pleased to be teaming up with a partner of British Land's calibre and look forward to working together to further develop the long-term potential of Meadowhall," says Kallevig.

Norges Bank Investment Management (NBIM) safeguards and builds financial wealth for future generations as the manager of the Norwegian Government Pension Fund Global. The fund is invested globally in equity, fixed-income and real estate markets. It held assets worth 3,561 billion kroner at the end of June 2012.

British Land is one of Europe's largest Real Estate Investment Trusts (REITs) with total assets, owned or managed, of £15.8 billion (British Land share £10.3 billion), as valued at 31 March 2012. Through its property and finance expertise British Land attracts experienced partners to create properties and environments which are home to over 1,000 different organisations and visited by over 300 million people each year. British Land's property portfolio is focused on prime retail locations and Central London offices which attract high quality occupiers committed to long leases.