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Eversheds advises Legal & General on 50% stake in MediaCityUK

  • United Kingdom

    11-03-2015

    Law firm Eversheds has advised Legal & General Capital (LGC) on the purchase of a 50% interest in The Peel Group’s MediaCityUK scheme at Salford Quays, Manchester, which is currently valued at £503 million.

    MediaCityUK is the largest purpose-built creative, digital and technology community in Europe, and the UK’s first media campus. Home to BBC, ITV and the University of Salford, MediaCityUK aims to be a broadcasting hub that enables businesses to operate across all media sectors.

    LGC plans to work with The Peel Group on strategically developing MediaCityUK and the wider Salford area. It will also target investments in UK housing, infrastructure and social real estate assets.

    Eversheds advised on all legal aspects of the acquisition and joint venture. LGC was advised by Legal & General Property (LGP).

    Gordon Aitchison, head of transactions at Legal & General Property, said:

    “This deal involved a magnificent effort by Eversheds and all of our professional advisors, and is another milestone in our investment into UK infrastructure and real estate.”

    The Eversheds team was led by Bruce Dear, partner and head of London Real Estate, working alongside Aleen Gulvanessian and Penny Stanfield (Corporate), Cathryn Vanderspar and Ian Zeider (Tax), Martin Holden (Real Estate) and Jon Bowley (Construction).

    Bruce Dear commented:

    “We specialise in structured investments in large scale assets, and are delighted to have supported Legal and General with this significant step forward in their direct investment into major UK infrastructure and real estate assets.”

    Disclaimer

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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