Landsec, the commercial property development and investment company, has acquired a 75% stake in Salford’s MediaCity.
The commercial landlord has paid £425.6 million to take a majority stake in the mixed-use tech and media hub, which recently celebrated its tenth anniversary.
It was previously owned as a 50:50 joint venture between Legal & General and Peel L&P. As part of the deal Landsec will partner with Peel, which retains a 25% stake and remains as asset and development manager.
Today’s transaction includes £293.6 million of debt – £220.2 million of which is on a proportionate basis. Landsec has also agreed to a further payment capped at £15 million, for building remediation works completed after the transaction.
