Hammerson plc has confirmed that it is in discussions with entities related to Swiss investor Redical Holdings AG on terms for a possible sale of its Victoria Gate and Victoria Quarter shopping centres in Leeds.

“Hammerson’s strategy remains to realign the portfolio to focus on prime urban estates through disposals of non-core assets, to strengthen the balance sheet, and to re-cycle capital into its core portfolio and its development pipeline,” said Hammerson.

“The company confirms that it is in discussions with entities related to Redical Holdings AG on terms for a possible sale of its Victoria Gate and Victoria Quarter shopping centres.

“There can be no certainty that a transaction will take place, but the company confirms the pricing under discussion is £120m, which would represent a class 2 transaction.

“The company will provide a further announcement if appropriate.”