Hammerson sells £120m Leeds shopping centres

Hammerson plc confirmed it completed the sale of its Victoria Gate and Victoria Quarter shopping centres in Leeds to Swiss investor Redical Holdings AG for £120 million.

In a stock exchange statement, the company said: “Hammerson today announces it has completed the disposal of non-core assets in Leeds for a cash consideration of £120m to entities associated with Redical, by means of a simultaneous exchange and completion.

“The assets comprise the 19,400m2 Victoria Quarter shopping gallery, 37,600m2 Victoria Gate shopping centre, and the inter-linking Wrays Buildings.

“The price is in line with the 30 June 2021 book value, which represented a net initial yield of 7.4%. 

“The proceeds will be used to reduce net debt.”

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