Printworks, Manchester acquisition

RNS Number : 3086Q

Land Securities Group PLC

05 November 2012

 



05 November 2012

Land Securities Group PLC ("Land Securities")

LAND SECURITIES ACQUIRES MANCHESTER'S PRINTWORKS LEISURE SCHEME

Land Securities has acquired The Printworks, central Manchester's dominant leisure scheme for £93.9m.

The Printworks was developed in 2000 and is prominently located in central Manchester.  It attracted over nine million visitors in 2011 and is close to excellent transport links, the Manchester Evening News arena (MEN), the Arndale centre, Harvey Nichols and Selfridges.

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.  It houses an excellent variety of occupiers including the only IMAX cinema in Manchester, a Virgin Active health club, national restaurants and some nightclub and bar operators. 

Commenting on the purchase, 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."

Ends

Notes to Editors

·     A photo is available on request

Major occupiers at the Printworks include:

Odeon Cinemas

Virgin Active

Tiger Tiger

JD Wetherspoons

Café Rogue

wagamama

Chiquitos

Hard Rock Café

Nandos

Wasabi Sushi

Harvester

Prezzo

Waxy O'Connors

Norwegian Blue

Henry J Beans

For further information, please contact:

Land Securities Group PLC

Media                                                               Investors

Donal McCabe/ Naomi Curtis                         Ed Thacker / Melanie Shaw

T: [phone]/ 5411                        T:[phone] / 5255

[e-mail]              [e-mail]

Land Securitiesis the UK's largest commercial property company and a member of the FTSE 100. The company owns and manages more than 29 million sq ft of property, from shopping centres to offices. For more information see www.landsecurities.com

 

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