Landsec Acquires MediaCity in Full

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• Landsec Acquires MediaCity in Full

12 November 2024 | Updated 13 November 2024

Landsec has taken control of the remaining 25 per cent interest in MediaCity.

The company had previously acquired a majority stake of 75 per cent in November 2021 for £425.6 million, with Peel L&P who retained a 25 per cent stake and continued to serve as asset and development manager. 

Landesc now has full control of the 37-acre media, digital and tech hub in Salford, Greater Manchester, based on a cash consideration of £22 million plus the assumption of £61 million of secured debt

A press statement suggested that Landsec would look to deliver significant new residential space at the land immediately adjacent to the existing estate.

Mike Hood, CEO of Landsec U+I,  said: "MediaCity has huge potential. Through our increased ownership, we can curate a place that continues to attract cutting-edge businesses and investment to the area, and where people choose to come to work, live and enjoy their lives. We look forward to sharing more about our plans in the near future.”

Picture: a photograph showing the exterior of MediaCity showing BBC and ITV studios. Image Credit: Unsplash

Article written by Ella Tansley | Published 12 November 2024

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