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Hammerson PLC on Friday said it has sold its non-core assets in Leeds, England to Swiss property investor Redical Holdings AG for GBP120 million in cash.
The assets to be disposed of includes the 19,400 square metre Victoria Quarter shopping gallery, the 37,600m2 Victoria Gate shopping centre and the inter-linking Wrays buildings.
Proceeds from the sale will go towards reducing Hammerson's net debt. The London-based retail property investor had first confirmed it was in talks to sell the assets on Monday, following a report by the Sunday Times.
Hammerson said then that its strategy is to realign its portfolio to focus on "prime urban estates" through the disposal of non-core assets, and recycle capital into its core portfolio and development pipeline.
Shares in Hammerson were up 4.7% at 35.56 pence on Friday in London, while its Johannesburg shares were 4.0% higher at ZAR7.28.
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