Developer exits city with £120m sale

Hammerson the developer behind the iconic Victoria Gate and Victoria Quarter shopping centres in Leeds has sold them in a £120m deal to Redical Holdings.

The news comes after it was reported earlier this week that they were in discussions with entities related to Redical on the sale of its Leeds-based schemes.

The deal which comes as Hammerson continues to exit its non-core assets represented a a net initial yield of 7.4 per cent and was inline with the book value of 30 June 2021

Victoria Gate opened in 2016 and was described at the time as a “game changer” for the city centre, going on to take home the title of Best Shopping Centre in the World at MIPIM 2017.

The funds from the sale will be used to reduce net debt.

It’s been reported that the deal for Victoria Leeds represents “a long-term investment in a unique asset”  for  Redical, that is focused on maintaining the quality of the development.