Centre owner to lighten stake by 50pc

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THE owner of entertainment and shopping centre The Light in Leeds 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, has provided “significant income growth and security” under Kames’ ownership and its success has 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 Prezzo, 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 a multi-storey car park.

The Light’s footfall currently stands at 6.1 million per year, said Knight Frank, which added that it was “soon to benefit” from the opening of the Leeds Arena.