Legal & General sells stake in MediaCity to LandSec
Legal & General announces that it has sold its stake in MediaCity, Europe’s leading, digital, media and tech hub to LandSec, as part of its dynamic approach to recycling profits and investing in new projects which are reviving town and city centres across the UK.
Wes Erlam, Director of Urban Regeneration at Legal & General Capital: “Complementing our significant wider regeneration of Salford, MediaCity is a successful example of our dynamic approach to recycling profits as we continue to put our capital to work, investing in new projects which are reviving town and city centres across the UK.
Working in close partnership with Peel, and leveraging our combined deep sector expertise, since our investment in 2015 we have together added over 600,000 sq ft of built accommodation and are in a position today where MediaCity has welcomed over 2,500 residents and 8,000 workers to this landmark media and tech hub. And in Greater Manchester as a whole, we have invested over £400 million into new homes, life sciences and media and technology. As MediaCity now reaches its next stage of maturity, this sale enables us to release growth capital for deployment into new opportunities, as we continue to identify early stage projects and ventures where we can create significant value.”