Hammerson PLC on Friday said it has sold its non-core assets in Leeds, England to Swiss property investor Redical Holdings AG for £120 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 R 7.28.

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