Landsec in talks to buy Peel out of MediaCity
Having acquired 75% of the Salford mixed-use complex for £435.6m in 2021, the developer is close to acquiring the remaining 25%, Place North West understands.
Landsec, which is also behind the £1.4bn Mayfield development in Manchester, wants to take full control of the 52-acre MediaCity to drive forward the next phases of its regeneration, which include 3,200 more homes and an additional 800,000 sq ft of commercial space.
An updated framework outlining plans for the future phases of the scheme, which is already home to 1.4m sq ft of offices and more than 1,100 homes, was endorsed by Salford City Council earlier this year.
Landsec and Peel are understood to be close to a deal that will see the former take acquire the latter’s 25% stake.
In November 2021, Landsec took control of 75% of MediaCity, buying L&G’s 50% shareholding and 25% from Peel.
At the time, MediaCity, which is home to the BBC and ITV, had a gross asset value of £567.5m.
When approached by Place, a spokesperson for MediaCity declined to comment on the deal but conceded that “discussions” about additional investment from Landsec are ongoing.
The spokesperson said: “Since Landsec acquired a majority stake in MediaCity, we have been working closely with the team there to agree the regeneration framework which sets out our ambitious plans for MediaCity over the next decade.
“We’re in discussions with them about potentially investing more into MediaCity but It’s too early to say what this may look like. However, it does demonstrate Landsec’s commitment and excitement to both MediaCity and Salford. When the time is right, we will provide a further update.”
Landsec provided almost exactly the same statement: “Since acquiring a majority stake in MediaCity, we have been working closely with the team there to agree the regeneration framework which sets out our ambitious plans for MediaCity over the next decade. We’re in discussions with them about potentially investing more into MediaCity. It’s too early to say what this may look like.”
Just get on with it….or anything for that matter.
By Cheggers
Another 3000 homes in salford quays whete is the land for this
By Anonymous
Amazing news. Hopefully now we can see some movement on proposals we were shown a few years ago now.
By Bob
Well I look at that patch of empty space every day from my apartment window. Just get on with it and build something. However, I’m not living in hope, this is the same people who are supposed to be developing Mayfield, and thats coming along swimmingly isn’t it!
By Manc Man
Lead to believe Peel employees have been told the deal is already done
By Anon
Any chance of LandSec buying Liverpool Waters from Peel.
By Anonymous
Maybe they can actually get some media in and make use of those studios
By Anonymous