The £120 million disposal in February 2022 of real estate investment trust Hammerson’s Victoria Leeds shopping centres to Redical Holdings by means of a simultaneous exchange and completion has been praised for transforming the retail scene in Leeds, and has won a CoStar Impact Award.
The entire asset comprises 19,400-square-metre Victoria Quarter shopping gallery, 37,600-square-metre Victoria Gate shopping centre and the interlinking Wrays Buildings, with department store John Lewis anchoring the development.
Hammerson said the sale price was in line with its 30 June book value, which represented a net initial yield of 7.4%, with the proceeds being used to reduce net debt.
About the project: The Victoria Quarter, covers 1.2 million square metres of space in one of the UK's largest cities.
What the judges said: Steven Jones, director, LM1 Agency, said it was a “challenging asset class” while Stuart Howie, principal, development, land, Avison Young, said the project was the “sale of an iconic asset during challenging times for retail [and] that is already attracting new and exciting occupiers”.
They made it happen: Mikko Syrjanen and Petteri Barman are Finnish entrepreneurs who launched Aalto Invest before then founding Redical as a vehicle to enter the UK retail market. Heading up Hammerson are Rita-Rose Gagné, CEO, and Robert Noel, chair.