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Central Leeds: The Light owner puts 50 per cent stake on market

The Light.

The Light.

The owner of entertainment and shopping centre The Light in Leeds city centre is looking to sell a 50 per cent stake in the scheme for £52m.

Kames Capital has appointed global property consultancy Knight Frank to market The Light on its behalf.

Knight Frank said that the scheme, which is based on The Headrow, had provided “significant income growth and security” under Kames’s ownership and its success had contributed to its value now forming a large proportion of the property fund’s total worth.

Kames Capital wants to sell a 50 per cent freehold share in The Light scheme, which includes restaurants such as Cafe Rouge, Zizzi and Nando’s, as well as retailers such as Superdry and O’Neill.

There are currently 41 tenancies within the scheme.

Its anchor tenants are a Vue cinema, a Radisson SAS hotel and a Virgin Active gym with swimming pool and spa.

The centre also has multi-storey a car park. The Light’s footfall currently stands at 6.1 million per year, said Knight Frank, which added that it is “soon to benefit” from the opening of the Leeds Arena.

Darren Yates, who is a partner in Knight Frank’s commerical team, said: “Leeds has a very strong and diverse commercial base, which has stood it in good stead during the recent recession.

“In particular, the strength of its financial and professional services industry is worth mentioning, as is the breadth and quality of its retail and leisure.”

Andrew McGregor, head of the out-of-town retail and leisure team at Knight Frank, added: “The Light is one of the top five schemes in the UK.

“Leeds is thriving and, whilst I believe the asset will appeal to UK institutions, it will also have a broader international appeal.

“There have been some high profile leisure sales in 2012, including The Gate, Cornerhouse and Printworks Manchester.

“There is a feeling that values have improved due to strong occupational demand, the prospect of open market rental growth, as well as index-linked rental uplifts.”

 

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