The retail park, which is in close proximity to its better known neighbour Meadowhall Shopping Centre, has discount supermarket Aldi and budget store B&M Homestore as anchor tenants.
It is also home to furniture store The Range, toy shop Toys ’R’ Us, electricals retailer Currys, PC World, Carpetright and The Carphone Warehouse.
It has 215,000 sq ft of purpose-built retail space and is currently 95 per cent let. It also has a Pizza Hut and McDonald’s.
Legal and General said the park, which was sold by Standard Life Investments UK Retail Park Trust for £39.5m, benefits from the adjacent Valley Centertainment, which has a Cineworld and Hollywood Bowl as well as several dining destinations.
Mark Russell, senior fund manager at Legal & General’s managed property fund, said: “The acquisition of Meadowhall Retail Park supports the fund’s strategy to acquire strong assets that offer quality income and further potential to add value through active asset management initiatives.
“Meadowhall Retail Park is a fundamental part of Sheffield’s strong out-of-town retail offer, with an attractive retailer base that complements that of the nearby Meadowhall Shopping Centre and the Sheffield city centre.
“In addition, it benefits from close proximity to good transport links, including Carbrook Tram Station, and has plenty of parking to make it a highly desirable retail destination.”
Wilkinson Williams advised the vendor, while Savills represented Legal & General Property.