UK REIT Land Securities has sold a prime city centre leisure destination in Manchester for £108 mln (€127 mln) to DTZ Investors.
Redeveloped and reopened in 2000, The Printworks covers 368,770 ft2 (34300 m2) over four floors and is anchored by a 20-screen Odeon cinema plus 17 food and drink venues.
'We have created value at The Printworks through asset management, resulting in the lowest level of vacancy rates for a number of years. This sale crystallises the increased value the team has delivered,' commented Polly Troughton, head of Land Securities' leisure portfolio.
With an annual footfall of over seven million people per year, the venue generates a net annual income of £6.75 mln, with over 99% of the income secured to national multiple covenants.
'We have been looking to gain exposure to the vibrant central Manchester retail and leisure market and The Printworks represents a rare opportunity to acquire a major freehold investment located in the core of the City on an attractive yield basis,' concluded Tony Brothwell, fund manager, DTZ Investors.
JLL acted on behalf of Land Securities, and Cortex Partners advised DTZ Investors.
