MediaCityUK – the new home of Coronation Street and the northern hub of the BBC – has just got a new landlord in the form of Legal & General Capital.
LGC is now a 50 per cent shareholder in the Salford Quays-based media centre, alongside long-standing owner The Peel Group as part of a joint venture, which Peel described as “a significant milestone”.
The 37-acre freehold site, which includes studios, offices, incubator space, residential, hotels, retail and leisure facilities, was developed by Peel at the cost of around £490m in time for the relocation of a huge chunk of the BBC a few years ago. It is now valued at around £503m.
Paul Stanworth, managing director of LGC, said: “Today’s acquisition in MediaCityUK is a significant step forward in our direct investment into major UK infrastructure and real estate assets.
“In the Peel Group, whose vision has been instrumental in the development of the North West, we couldn’t have a better partner for the stewardship of MediaCityUK.
“We know the North West well and are already involved in regenerating Salford. Now, with our investment in MediaCityUK, the potential to drive growth and prosperity for the area is immense. Media and internet technologies are the new industrial revolution and Greater Manchester is at the heart of it.”
Peel chief executive Steven Underwood added: “We are both committed to MediaCityUK’s continued growth as a major destination for business, residential living, retail and leisure over the coming years.”
Peel was advised by Macquarie Capital, Savills and Addleshaw Goddard.