Land Securities Group Plc has bought a 75 percent stake in MediaCity, a media and tech hub at Salford in Greater Manchester, England, for £425.6 million (€502 million/$580.1 million).
MediaCity was a 50-50 joint venture between Legal & General and Peel L&P, which now will retain a 25 percent stake and continue to serve as asset and development manager.
Phase one of the project was completed 10 years ago, and phase two has already seen the completion of two residential towers as well as a mixed-use commercial space.
