Landsec Secures Full Ownership of MediaCity

Landsec has successfully acquired the remaining 25% interest in MediaCity from the Peel Group, expanding its control over the estate that includes important facilities such as dock10, a premier television facility, and a 218-bed hotel previously wholly owned by Peel. The transaction, valued at full consideration of £83 million, encompasses a cash payment and assumption of existing secured debt, representing a strategic acquisition for Landsec despite being at a discount to the book value of its current holdings. The integral value of this deal aligns with the estate's future income potential, with Landsec poised to surrender current leases to Peel as part of the acquisition. The transaction promises significant long-term benefits, enabling Landsec to execute and expand its development strategies within MediaCity, such as increasing residential space. CEO Mike Hood emphasizes the acquisition's potential to attract innovative businesses and investments and to enhance the area's liveability and appeal. This strategic move indicates Landsec's commitment to developing and transforming MediaCity into a vibrant, multifaceted hub.