The transaction was completed following the arrangement by the new joint venture of a £165.2m five-year loan with Helaba and NatWest. Hammerson said it planned to use the net proceeds of the sale, which was agreed at a 5% discount to book value, to reduce net debt.

Hammerson will continue to manage the 1m sq ft shopping centre, which is located in the city centre of Leicester. The scheme is anchored by John Lewis, Debenhams and a Showcase Cinema de Lux.