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LandSec buys up stake in home of BBC Breakfast for £425m

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BOLTON, ENGLAND - DECEMBER 10: Labour leader Jeremy Corbyn speaks to Louise Minchin on BBC Breakfast from Bolton, while on the General Election campaign trail on December 10, 2019 in Bolton, England. Mr Corbyn will address Labour activists in the North West as part of his final campaign tour before polling day. (Photo by Joe Giddens - WPA Pool/Getty Images)

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.