Land Securities, the largest real estate investment trust in the UK, has agreed to acquire The Cornerhouse, a big leisure complex in Nottingham, from BP Pension Fund in an off-market transaction.
The £50m purchase came at a net initial yield of 6.6% after expiry of a rent free period.
The Cornerhouse is a purpose built leisure scheme covering 225,000 square feet and includes a 14 screen cinema, shopping facilities, 11 restaurants, two bars, a nightclub and a casino.
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Richard Akers, Executive Director of Land Securities, said: "The acquisition gives us a presence in one of the key cities in the UK. Leisure is a vital element of our retail portfolio and will continue to be so as we see consumers demand increasingly sophisticated and dynamic destinations.
"The Cornerhouse is a vibrant destination in Nottingham city centre featuring a range of key brands and it is going to play a part in strengthening our retail business."
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