Hammerson to buy shopping centre in Leeds
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.
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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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."
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
RICS: homebuyers are returning after stamp duty shock
The housing market has been subdued since stamp duty thresholds dropped in April, but there are signs of a recovery
-
Reducing cash ISA limit will make lending difficult and expensive, warn providers
An open letter from the Building Societies Association has urged the chancellor to keep the cash ISA limit at £20,000. We look at whether a smaller cash ISA allowance will make it harder to get a mortgage or loan