Addleshaw Goddard has advised The Peel Group (Peel) on its joint venture with Legal & General Capital (LGC) at MediaCityUK in Salford.
The JV will see LGC become a 50% shareholder in MediaCityUK with Peel retaining responsibility for the ongoing development and asset management of the estate.
AG advised Peel on the transaction that marks a milestone in the growing maturity of MediaCityUK and the wider community anchored by it at Salford Quays.
The cross-divisional team was led by Corporate Partner Michael Birchall with support from Andy Green, George Danczak and Dean Cox alongside Stephen Kinsey and Chris Roberts in Real Estate, Martin O'Shea, Natalie Hewitt and Michael McDonald in Banking, Nancy McGuire and Mark Broomfield in Construction, Justine Delroy in Tax and Nadine Waters in IP.
Michael Birchall, AG's client relationship partner for Peel, said; "We have been closely connected with Peel's team at MediaCityUK over a number of years, since the inception of the scheme at the time of the original deal to bring BBC departments to Salford, through its procurement, construction, financing and lettings. We are delighted to have worked with Peel to advise on the creation of the new joint venture with LGC, which underlines the emergence of MediaCityUK as the media destination outside London."
MediaCityUK is the largest purpose-built creative, digital and technology community in Europe. It comprises a 37 acre freehold site, encompassing studios, office accommodation, incubator space, residential, hotels, retail and leisure facilities. In total, the estate offers approximately 1.6 million sq ft of built accommodation, anchored by the BBC, ITV and the University of Salford. It is also home to over 200 other businesses including dock10, the UK’s largest independent studio and post-production facility, and a number of retail and leisure occupiers. MediaCityUK also has the opportunity for significant future growth with a large amount of consented development land that the partners will look to bring forward together.
