Legal & General Capital has purchased a 50% interest in the Peel Group’s MediaCityUK scheme at Salford Quays in Greater Manchester.
MediaCityUK, currently valued at £503m, comprises a 37-acre freehold site including studios, offices, hotels, and retail space. In total, the estate offers around 1.6m sq ft of space, anchored by the BBC, ITV and the University of Salford.
LGC plans to work with The Peel Group to develop MediaCityUK and the wider Salford area.
Peel will retain responsibility for both the asset management of the estate and the development management of future plots.
Legal & General was represented by JLL. The Peel Group was advised by Macquarie Capital, Savills and Addleshaw Goddard.
Paul Stanworth, managing director of Legal & General Capital, 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.”
