Property group sells 50% stake in MediaCity

The
Peel Group has sold 50% of its interest in the MediaCityUK development in
Salford Quays.

Legal
& General Capital (LGC) have bought into the project for an undisclosed
sum, although Manchester-based Peel will retain responsibility for ongoing
development and asset management of the estate.
 
MediaCity is the largest purpose-built creative, digital and technology
community in Europe.  The Peel Group,
established by John Whittaker (pictured) more than 40 years ago, has over £5bn
in assets either owned or under management.

Anchored
by BBC North, the University of Salford and ITV, MediaCityUK comprises a 37-acre
site, encompassing studios, offices, incubator space, residential, hotels,
retail and leisure facilities.

It
is also home to over 200 other businesses.
 
Steven Underwood, chief executive of the Peel Group, said: “We are delighted to
welcome LGC as Peel’s partner at MediaCityUK and look forward to working
together during the next stage of its development.

“Legal & General’s focus on regeneration and long history of investing in
UK property makes them an ideal partner. Both groups share a complementary
approach to property investment, focusing on regeneration, place making and
long-term value creation. We are both committed to MediaCityUK’s continued
growth as a major destination for business, residential living, retail and
leisure over the coming years.”

Paul Stanworth, managing director of Legal & General Capital, described the
acquisition of a stake in MediaCityUK as “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.”

Do you have news for CN? Email: Paul Colston

Paul Colston

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Paul Colston

Managing Editor, Conference News & Conference & Meetings World.

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