Hammerson has completed the sale of its standalone Templar Street assets in Leeds to a joint venture between Leeds-based Khalbros and Torsion Group, for a total cash consideration of £26m, which represents a 23% premium to book value. Proceeds of the disposal will be reinvested in line with our capital allocation strategy.
The sale follows several years of asset management and close alignment with stakeholders including Leeds City Council (“LCC”) to bring forward a mixed-use masterplan. With this activity completed in H2 2024, and with the support of LCC, a process was launched to seek an experienced and dedicated buyer to deliver the next phase of development.
The sale follows Hammerson’s strategic exit from Leeds in 2022 following the disposal of Victoria Gate and Victoria Quarter. Hammerson retains a small interest in a mixed-use block on Eastgate, which it expects to dispose of in due course.
This transaction illustrates the benefit of applying disciplined, incremental capex to unlock value from our portfolio. We have worked closely with stakeholders to work up a strong redevelopment plan and our pleased to have secured a highly capable, Leeds-based JV to deliver the next phase of the scheme.