The largest sovereign wealth fund in the world is acquiring Meadowhall shopping mall in a transaction that values the facility at £725 million.

Norway’s national wealth fund will run Meadowhall, an indoor retail mall in Sheffield, currently ranked among the top five shopping destinations in the United Kingdom.

Negotiations are well advanced for Norges, Norway’s £1.3 trillion sovereign wealth fund, to purchase British Land’s 50% stake in Meadowhall for about £363 million, including debt.

The retail district welcomes over 24 million tourists every year and hosts over 250 stores, including Apple, Zara, Hugo Boss, and Flannels.

The deal would bring the massive Sheffield mall’s value to £725 million, said Norges Bank Investment Management.

In 2012, Karsten Kallevig, Chief Investment Officer for NBIM said: “The purchase gives us exposure to one of the largest and most dominant shopping centres in the UK.”

According to The Times, British Land, the owner of mixed-use commercial buildings close to London’s Paddington and Liverpool Street stations, intends to invest £150 million of the Meadowhall sale’s proceeds in retail parks.

Norges has substantial property assets in the West End of London, notably a twenty-five percent interest in The Crown Estate’s extensive portfolio on Regent Street and a twenty-five percent investment in Shaftesbury Capital, the company that owns Covent Garden.

The sovereign wealth fund and British Land also share ownership of the West One shopping centre, which is close to Bond Street station.