Real estate investment trust (REIT) Hammerson said that it is to acquire The Victoria Quarter in Leeds as it reinforces its presence both in the city and the fast-growing luxury retail sector.
Hammerson has exchanged contracts to buy the shopping centre from Kennedy Wilson for £136m. The company said that the purchase complements its proposals for the first phase of Eastgate Quarters, which his adjacent.
The company said in July that heads of terms have been agreed with John Lewis to anchor the first phase of Eastgate Quarters. The 36,000m squared project will create two new retail streets and will start in 2014.
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The Victoria Quarter, anchored by Harvey Nichols, comprises 19,500m2 with over 70 stores and two cafes and has "successfully established itself as a leading luxury retail destination in the heart of Leeds' retail core."
David Atkins, Chief Executive of Hammerson commented: "Our purchase of the Victoria Quarter is a further demonstration of our commitment to Leeds, following the announcement of our plans for Eastgate Quarters in July.
"Victoria Quarter is a retail landmark in Leeds, and our ownership of the scheme will help us to develop a comprehensive retail offer for Eastgate Quarters and expand the luxury and aspirational retail offer for the city."
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