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LandSec buys up stake in home of BBC Breakfast for £425m
UK commercial landlord Land Securities said this morning it had bought a 75 per cent stake in MediaCity, a media and tech hub at Salford in Greater Manchester, for £425.6m.
MediaCity was a 50:50 joint venture between Legal & General and Peel L&P, and the latter will now retain a 25 per cent stake and continue to serve as asset and development manager.
The site is home to BBC North, ITV and Ericsson, as well as The Hut Group, Kellogg’s and more than 250 creative and tech businesses as well as schools and universities. It produces 50,000 hours of content every year, and is home to 8,000 residents and workers.
LandSec said the deal includes £293.6m of debt (£220.2m on a proportionate basis), reducing Landsec’s equity investment to £207.6m.