Newspaper article Manchester Evening News

Plans for 'Canary Wharf of the North' as MediaCity Stake Is Sold ; Legal & General Capital Swoops for 50 per Cent of Hub from Peel Which Pledges Further Development

Newspaper article Manchester Evening News

Plans for 'Canary Wharf of the North' as MediaCity Stake Is Sold ; Legal & General Capital Swoops for 50 per Cent of Hub from Peel Which Pledges Further Development

Article excerpt

THE creators of MediACITYUK have sold a 50 per cent stake in the complex in a deal that values it at Pounds 503m.

The Peel Group - which also build the Trafford Centre - has sold the shareholding to Legal & General Capital for an undisclosed sum.

Peel will retain responsibility for managing the and developing the media estate, with the partners pledging to expand it and create 'the Media Canary Wharf of the north.' Steven Underwood, chief executive of the Peel Group, said: "We are delighted to welcome LGC as Peel's partner at MediACITYUK and look forward to working together during the next stage of its development.

"Legal & General's focus on regeneration and long history of investing in UK property makes them an ideal partner.

"Both groups share a complementary approach to property investment, focusing on regeneration, place making and longterm value creation. "We are both committed to MEDIACITYUK's continued growth as a major destination for business, residential living, retail and leisure over the coming years." Legal & General has a market capitalisation of Pounds 16.5bn and is responsible for investing Pounds 709bn worldwide on behalf of investors, policyholders and shareholders.

Paul Stanworth, managing director of Legal & General Capital, added: "The acquisition in MediACITYUK is a significant step forward in our direct investment into major UK infrastructure and real estate assets.

"In the Peel Group, whose vision has been instrumental in the development of the north west, we couldn't have a better partner for the stewardship of MEDIACITYUK. "We know the north west well and are already involved in regenerating Salford. Now, with our investment in MediaCitYUK, the potential to drive growth and prosperity for the area is immense.

"Media and internet technologies are the new industrial revolution and Greater Manchester is at the heart of it. …

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