Land Securities, the FTSE 100 real estate investment trust, has acquired The Printworks, a leisure scheme prominently located in central Manchester.
The company purchased the business, which attracted more than nine million visitors last year, for £93.9m.
The scheme comprises over 350,000 sq ft of leisure accommodation and is currently 93% let with a weighted average unexpired term of 12.9 years.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Land Securities' Executive Director Richard Akers said: "Leisure is not subject to the same structural changes currently occurring in retail and its importance in how and where people choose to shop is growing. The Printworks is the dominant leisure scheme in one of the top cities in the UK and its acquisition builds upon the significant relationships we have across our portfolio with leisure operators."
The group added that the leisure facilities have "excellent" transport links and is home to a variety of occupiers including the only IMAX cinema in Manchester, a Virgin Active health club, national restaurants and some nightclub and bar operators.
Evidently investors were less than impressed, with shares down 0.24% to 815p by late morning.
NR
-
Coventry Building Society bids £780m for Co-operative Bank - what could it mean for customers?Coventry Building Society has put in an offer of £780 million to buy Co-operative Bank. When will the potential deal happen and what could it mean for customers?
-
Review: Three magnificent Beachcomber resorts in MauritiusMoneyWeek Travel Ruth Emery explores the Indian Ocean island from Beachcomber resorts Shandrani, Trou aux Biches and Paradis
