In what seems to be a strategic move to consolidate its presence in the UK media landscape, Landsec has acquired the remaining 25% interest in MediaCity from Peel Group, including full ownership of the renowned television facility dock10 and an adjacent 218-bed hotel. This acquisition, finalized last November, positions Landsec to take full control over the iconic MediaCity estate and spearhead future development in the area.

The transaction was completed for a cash payment of £22 million, alongside the assumption of £61 million in secured debt, bringing the total consideration to £83 million. This valuation represents a discount to the latest book value of Landsec’s existing 75% share in MediaCity, primarily due to the terms of the lease agreements. As part of the acquisition, Landsec agreed to waive contracted future income from “wrapper leases” to Peel, aligning the value of the transaction with the latest book valuation of MediaCity’s assets. In the immediate term, this acquisition is expected to be earnings-neutral.

However, Landsec sees long-term growth potential in MediaCity, with plans to expand residential capacity on lands adjacent to the estate. This addition could bring significant new housing to the area, reinforcing MediaCity’s role as a vibrant hub for media, entertainment, and community life.

Mike Hood, CEO of Landsec U+I, emphasized the strategic importance of this acquisition: “MediaCity has huge potential. Through our increased ownership, we can curate a place that continues to attract cutting-edge businesses and investment to the area, and where people choose to come to work, live and enjoy their lives. We look forward to sharing more about our plans in the near future.”

About dock10 and MediaCity
Dock10, the leading television production facility at MediaCity, has been central to the estate’s success, attracting high-profile productions from the BBC, ITV, and other major broadcasters. Known for its advanced technical infrastructure, dock10 has positioned MediaCity as a leading media production hub, drawing both media and tech innovators to Greater Manchester.

According to the company, this acquisition gives Landsec a robust foundation to expand its influence in the media and broadcast sectors, combining an iconic location, premier production facilities, and strategic residential expansion to support the needs of this dynamic industry.