Completion of the deal now means that TCS controls the full island site at the front of the Victoria Gate shopping centre.
The company acquired the shares from Evans Property Group as part of a linked deal that has seen Evans take a long leasehold interest on a site within TCS’s Piccadilly Basin landholding in Manchester city centre for a Dakota Deluxe Hotel.
Edward Ziff, chairman and chief executive of Town Centre Securities, said: “We are extremely excited to have completed this transaction which allows TCS to push ahead with development plans for this prime piece of property in Leeds city centre.
“It’s great news that the deal has also led to a further addition to our fantastic Manchester city centre development with the confirmation of the opening of a new Dakota Deluxe Hotel.
“We’ve enjoyed a long history of working with Evans Property Group and we look forward to this continuing for many years to come.”
Alan Syers, portfolio director at Evans Property Group, added: “We are delighted that our ongoing, close relationship with TCS has led to the completion of this mutually beneficial deal.
“Piccadilly Basin is a very impressive site that will play a key role in supporting our ambition to have a Dakota Deluxe Hotel in key regional UK cities over the next five years.”
TCS will now look at plans for the Vicar Lane site to complement existing retail brand tenants, which currently include Flannels, High and Mighty and STA Travel.
Article via bdaily.co.uk