MediaCityUK has new ownership, as building and investment company Landsec announced the purchase of the remaining 25 per cent stake.
The £83 million acquisition from the Peel Group was announced on November 1, and will see the company take full ownership.
The deal also includes the leading television facility dock10 and the 218-bed hotel, which were wholly owned by Peel.
The £83m acquisition was based on a cash consideration of £22m plus the assumption of £61m of secured debt, according to Landsec.
Landsec who are one of the leading real estate companies in Europe, will be hoping that the move utilise the 37 acre land around MediaCity.
The investment in the area has led to MediaCity quickly becoming a hub in Greater Manchester for media, digital and tech, as Chief Executive Officer, Mike Hood added: “MediaCity has huge potential.”
The company has already 75 per cent ownership of MediaCityUK, as they intend to develop and plan for the future, with the aim of delivering an additional 3200 new homes in the Salford area.
Acquiring the previous 75% interest for a net purchase price of £425.6m, the company are a well-established retail, leisure, workspace and residential hub developer.
He continued: “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.”
Mike Hood said: “We look forward to sharing more about our plans in the near future.”
However, the reception to the move has seen mixed reviews, as one person shared on socials: “Soulless place, overprice parking, limited connectivity and slow trams.”
Whilst another shared that the news was “excellent, Landsec have been transformational for the office market in Manchester.”
The exciting new purchase of the land, will allow Salford to go through another exciting transition, and with Landsec acquiring full ownership, residents in the area can expect to see some new changes.
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