Hammerson divests Leeds shopping centres for £120m

Hammerson divests Leeds shopping centres for £120m

Hammerson has completed the sale of its shopping centres in Leeds for £120m to entities associated with Redical.

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, said Hammerson.