Leeds shopping centre bought for £37m
ST JOHNS shopping centre in Leeds has been bought by a European real estate manager for £37m.
Valad Europe has bought the 162,000 sq ft property, which sits between Merrion Street and the Headrow, from Hermes Real Estate.
The mixed-use development has 79,000 sq ft across 34 retail units, with tenants including McDonalds and the Post Office, and 83,000 sq ft of office space, which is mostly occupied by William Hill and Sanef. The property also includes a 330-space multi-storey car park.
Simon Marriott, Valad Europe’s head of UK real estate, said: “Last year the Fund purchased The Royals shopping centre in Southend which had a business plan similar to our strategy for St Johns and where we are currently implementing a number of value-adding initiatives.”
Chris Taylor, chief executive of Hermes Real Estate, added: “The sale of St Johns Centre follows a comprehensive asset management strategy over recent years, which has included the introduction of a number of high profile tenants, including both William Hill and Sanef. This result is reflective of the strength of the retail and office market in Leeds and we retain a strong interest in the city through our investment at Wellington Place.”
