// Hammerson completes sale the sale of two shopping centres in Leeds for £120m
// The assets include the 209,000sq ft Victoria Quarter shopping gallery and the 405,000sq ft Victoria Gate shopping centre
Hammerson has officially finalised the sale of two shopping centres in Leeds for £120 million with entities linked to property investor Redical Holdings.
The assets include the 209,000sq ft Victoria Quarter shopping gallery, the 405,000sq ft Victoria Gate shopping centre, and the inter-linking Wrays Buildings.
The retail destination has an annual footfall of approximately 10 million. Hammerson said the sale aligned with its strategy of realigning its portfolio to “focus on prime urban estates through disposals of non-core assets, to strengthen the balance sheet, and to recycle capital into its core portfolio and its development pipeline”.
READ MORE: Hammerson confirms talks for potential sale of Leeds shopping centres for £120m
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.
Last month, Hammerson announced that it expects its full year 2021 adjusted earnings to be in the range of £75 to £80 million, above the minimum earnings of £60 million the company predicted in December 2021.
Hammerson reported that UK sales remained strong during the period, at 97% of 2019 levels in November and 93% in December, even though footfall had decreasing marginally during Christmas as Government restrictions were introduced in the UK and Ireland.
In December 2021, Hammerson sold Silverburn shopping centre for £140m to London-based European private equity real estate firm Henderson Park.
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