10th Mar 2015 12:25
LONDON (Alliance News) - Legal & General Capital, the main investment division of Legal & General Group PLC, Tuesday said it has taken a 50% stake in the Peel Group's MediaCityUK scheme at Salford Quays in Manchester, as it looks to create the "media Canary Wharf of the North", referring to the east London financial district.
According to Legal & General, the scheme is currently valued at GBP503 million. MediaCityUK is a 37-acre site with studios, offices, hotels and retail and leisure facilities. It plays host to the BBC, ITV and the University of Salford. The partners said they want grow the scheme, "with a large amount of consented development land that the partners will together regenerate".
"Today's acquisition in MediaCityUK is a significant step forward in our direct investment into major UK infrastructure and real estate assets," Paul Stanworth, managing director of Legal & General Capital, said in a statement.
"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," Stanworth said.
Legal & General Capital said it will work with the Peel Group on developing MediaCityUK and the broader Salford area.
Legal & General shares were flat at 283.90 pence on Tuesday.
By Samuel Agini; [email protected]; @samuelagini
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