LONDON (dpa-AFX) - Land Securities Group plc (LAND.L), on Wednesday, said it acquired a majority stake in MediaCity, the 37 acre media, digital and tech hub in Salford, Greater Manchester previously owned by a 50:50 JV between Legal & General and Peel L&P. MediaCity has a gross asset value of £567.5 million.
Landsec noted that it will partner with Peel L&P who will retain a 25% stake and continue to serve as asset and development manager.
Landsec will pay a net purchase price of £425.6 million for the 75% interest. The transaction includes £293.6 million of debt, reducing Landsec's equity investment to £207.6 million, which is satisfied in cash drawn from existing facilities.
Also, Landsec will have an obligation to pay a further amount capped at £15 million linked to building remediation works which will be completed post-transaction.
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