(Bloomberg) -- British Land Co. has sold its stake in Sheffield’s Meadowhall Shopping Centre, one of the largest shopping malls in the UK, to Norway’s sovereign wealth fund. 

The UK real estate investment trust will receive £360 million ($457 million) for the stake and will continue to manage the property for Norges Bank Investment Management, which already owns the other 50% stake, according to a statement Monday. The transaction is expected to close in July. 

The deal comes after a decade of falling retail property rents and values as growing online consumption prompted retailers to reduce the amount of physical space they occupied. Exposure to large shopping centers has been a millstone on the share price of British Land, prompting the landlord to pivot to alternative sectors including urban warehouses. 

“Following the sale of Meadowhall, 93% of our portfolio is now in our preferred segments of retail parks, campuses and London urban logistics,” British Land Chief Executive Officer Simon Carter said in the statement.

Meadowhall occupies a 200 acre site next to the M1 motorway in Sheffield and spans about 1.5 million square feet. The deal values the property at £734 million, 3% above its book value at September last year. Norway’s sovereign fund originally invested in the property in 2012, buying a 50% stake in a deal that valued the property at £1.5 billion. 

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