Legal & General buys 50% stake in U.K. asset
Legal & General Capital has completed the purchase of its 50 percent interest in the Peel Group’s landmark MediaCityUK scheme at Salford Quays in Manchester, England. The property is currently valued at £503 million ($759 million).
LGC has acquired a 50 percent interest in the corporate holding vehicles, Peel Holdings Ltd and Peel Media Ltd.
Legal & General Property advised LGC. Peel will retain responsibility for both the asset management of the estate and the development management of future plots.
MediaCityUK is the largest purpose-built creative, digital and technology community in Europe, and it is the United Kingdom’s first media campus.
LGC plans to work with The Peel Group on strategically developing MediaCityUK and the wider Salford area, with the aim of creating the Media Canary Wharf of the North.
The current asset comprises a 37-acre freehold site encompassing studios, office accommodation, incub