Hammerson has closed a deal to offload its Victoria Gate and Victoria Quarter shopping centres in Leeds for £120m.
The 208,820 sq ft Victoria Quarter shopping gallery, 404,723 sq ft Victoria Gate centre and the interlinking Wrays Buildings were sold to entities associated with Redical, in a simultaneous exchange and completion deal.
Hammerson said pricing was in line with June 2021 book values, which represented a net initial yield of 7.4%.
The REIT will use the proceeds to reduce its net debt.
Redical is run by Aalto Invest co-founders Mikko Syrjanen and Petteri Barman. It entered the UK retail market last year when it bought the 170,000 sq ft Clayton Square shopping centre in Liverpool for around £21m.
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