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LEEDS-Tops Estates has bought out Rodamco’s one-third stake in the Leeds Shopping Plaza for £12 million ($17.5 million). The venture had been structured through a limited partnership, set up in 1996, which has now come to the end of its five-year lifespan.

Rodamco’s UK subsidiary, Haslemere, will receive additional payments depending on the outcome of two outstanding rent reviews . Haslemere Director Martyn Lewis said: ‘The Partnership reconfigured a major city shopping centre into a first class asset, which achieved a major award, The partnership was always anticipated by us to be for a five year term.’

And Tops Director Adam Cohen added that the project proved that the limited partnership structure does work successfully for major institutions.

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