Land Securities has acquired The Printworks, central Manchester's dominant leisure scheme for £94 mln (EUR 117 mln). The vendor is Resolution Property.
Land Securities has acquired The Printworks, central Manchester's dominant leisure scheme for £94 mln (EUR 117 mln). The vendor is Resolution Property.
The Printworks was developed in 2000 and attracted over nine million visitors in 2011. The scheme comprises over 350,000 sq ft (32,500 m2) of leisure accommodation and is currently 93% let with a weighted average unexpired term of 12.9 years.
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.'
