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Hammerson confirms sale of Victoria Leeds shopping centres

Camilla Rydzek
25 February 2022

Hammerson have confirmed the sale of the Victoria Leeds shopping centres for £120 million to entities associated with real-estate investment company Redical. 

The sale includes the Grade II listed, 19,400 sq m Victoria Quarter shopping gallery and the 37,600 sq m Victoria Gate shopping centre, as well as the inter-connecting Wrays Building.

Together the buildings are referred to as the Victoria Leeds destination, which see an annual footfall of about 10 million people. Current occupants include the department store Harvey Nichols, and John Lewis, which has a 24,000 sq metre flagship store in Victoria Gate.

Hammerson said that the sale proceeds would be used to reduce net debt, and 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."

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.

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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