BoI pulls £135m Leeds sale to German fund
Published 16/12/2011 | 05:00
German fund manager Deka's bid to buy the Victoria Quarter shopping centre in Leeds has fallen through at the 11th hour, after owner Bank of Ireland pulled out of the sale.
The Grade Two-listed north of England shopping centre was the second largest UK retail scheme on the market, after the Kingfisher mall in Redditch, near Birmingham. It had an asking price of £135m (€161m), which reflected a yield of 5.5pc.
The 218,000 sq ft centre, which was marketed by CBRE, houses 76 stores, including designer brands Louis Vuitton and Vivenne Westood, as well as upmarket department store Harvey Nichols.
It was not immediately clear why the deal fell through. Concerns over the global financial crisis and the eurozone debt woes have resulted in some mall deals being pulled from the market or taking longer to complete. (Reuters)