Birmingham City Centre leisure complex changes hands for £49.6m
| La Salle can reveal that Birmingham's Broadway Plaza leisure complex has been acquired by LGIM Real Assets from Aviva Investors in a deal totalling £49.6m.
Business acquired: Broadway Plaza Activities: The site comprises 280,000sq ft of leisure & retail space. Recent additions include a new Odeon Luke cinema and Hollywood Bowl alongside Travelodge, Nuffield Health, Rock Up and casino. The development site generates around £3.5m each year. ---------------- Purchaser: LGIM Real Assets Activities: LGIM is the investment arm of Legal & General Group, a FTSE 100 company. They are one of the Europe's largest asset managers and a major global investor, with assets under management of £984.8billion. ---------------- Additional info: Andrew Ferguson, senior fund manager of Legal & General, said: "This is a great addition to the fund, presenting an opportunity to improve a dominant edge of city leisure scheme with strong anchor tenants. "The leisure sector continues to grow with more innovative concepts emerging. "Our dedicated leisure fund has grown to over £600m following this acquisition and is continuing to grow with exciting new developments in the pipeline. "This scheme presents an opportunity for us as specialist leisure owners to continue to evolve the leisure offering in order to achieve the best results for our investors." Mark Smith of KLM Retail added: "The scheme has seen significant improvements in the past 18 months and with the opening of the Odeon Luxe and new Hollywood Bowl, the scheme is the dominant leisure offer in Birmingham city centre with further potential to move forward." |
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