It’s been confirmed that Landsec has acquired MediaCity from Peel Group.
That means it will have full ownership of the 52 acre site, including dock10 studios and the 218-bed hotel, which were wholly owned by Peel.
Tenants and staff were informed of the decision yesterday.
Landsec first took a 75% stake in MediaCity in 2021, paying around £430m. At the time, MediaCity was a joint venture between investor, Legal & General and Peel. The property developer acquired L&G’s full 50% share and 25% from Peel. It has now acquired Peel’s remaining 25%.
” MediaCity has huge potential,” said Mike Hood from LandsecU+I.
“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 work, live and enjoy their lives. We look forward to sharing more about our plans in the near future.”
Earlier this year, Salford City Council approved plans for offices and more than 3000 homes to be built on the site.
The Salford Quays 2030 Vision development also includes additional retail, leisure and recreation spaces across MediaCity and Quayside, doubling the size of the area. It will be split into 4 distinct “quarters” – Media, Waterfront, Gateway and Living Hub.
Across the UK, Landsec owns 22.8m sq ft of land, worth £10bn.
