Land Securities acquires Manchester leisure scheme

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.

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