Hammerson, the well-known property giant in the UK, has recently announced its plans to sell the Victoria Gate and Victoria Quarter shopping centres located in Leeds. These two well-established properties are currently being discussed with Swiss investment firm Redical Holdings, with a potential price tag of around £120 million. However, it is important to note that nothing is set in stone, and there is no guarantee that a deal will be finalized.
Among the two shopping centres, Victoria Gate holds a significant position as part of the thriving Victoria Leeds shopping destination. It was originally opened by Hammerson in October 2016 and has since been hailed for bringing life back into Leeds’ retail scene. Boasting impressive anchor tenants such as the popular John Lewis, Victoria Gate is a hub for popular fashion and beauty brands including Ted Baker, Paul Smith, Kurt Geiger, Space NK, Kiehl’s, L’Occitane, and Jo Malone.
The decision to potentially sell these properties aligns with Hammerson’s current focus on prime urban estates and the divestment of non-core assets. The company has faced substantial challenges due to the pandemic and subsequent lockdowns, which have significantly impacted the commercial property sector. In an effort to strengthen its financial standing, Hammerson has been actively selling off various assets, including its share in the Silverburn shopping centre near Glasgow, which was sold for £140 million.
Hammerson has assured that updates regarding the negotiations for the Victoria Gate and Victoria Quarter shopping centres will be provided when appropriate. The company is determined to reduce its debt, streamline its portfolio, and generate capital for future investments.
Useful links:
1. Victoria Leeds Official Website: Explore more about the vibrant shopping destination.
2. Hammerson Official Website: Learn more about Hammerson and its strategic approach.
