A leisure fund managed by Legal & General has bought a 280,000sqft leisure development in England’s West Midlands region from Aviva Investors.
Legal & General’s LGIM Real Assets has acquired Broadway Plaza in Birmingham, on behalf of its Leisure Fund for £46.9m (€52.4m).
The leisure development is anchored by a brand-new Odeon Luxe Cinema along with a Hollywood Bowl, Travelodge, Nuffield Health, Rock Up and an independent casino.
This acquisition follows the fund’s recent deals in Stafford for Waterfront Leisure and in York for Vangarde Leisure Park to be anchored by Odeon and Cineworld respectively and completed in early 2019.
Formed in 2002, the Leisure Fund Limited Partnership has over £600m of assets under management, comprising 18 prime leisure assets occupying dominant positions across the UK and a major development scheme in York.
Andrew Ferguson, a senior fund manager of Legal & General, said: “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.”
